S. Korea to invest 160-T won in creating 1.9-M jobs

South Korea will invest 160 trillion won by 2025 in projects that will help create 1.9 million jobs under its "Korean New Deal" stimulus, says Finance Minister Hong Nam-ki.

In a meeting of Cabinet ministers presided over by President Moon Jae-in, the government came up with 28 digital and green projects that will increase state investment in artificial intelligence and 5G telecommunication services and transform its economy from fossil fuel fuel-reliant to being eco-friendly.

The government is eyeing to invest 58.2 trillion won in digital projects by 2025 to generate around 900,000 jobs.

For the artificial intelligence project, the government is set to train 100,000 professionals in artificial intelligence.

The government will spend 73.4 trillion won on eco-friendly projects, including 230,000 energy-saving homes and public buildings and supplying of 1.13 million electric cars.

The "Green New Deal" projects also include an increased supply of renewable energy and building more low-carbon industrial complexes, Hong said, adding they will help create 650,000 jobs.

Other projects being planned are internet networks to be built in remote areas and big data industry promotion by making 140,000 sets of state data public.

The projects would lay the groundwork for long-term economic growth while hastening economic recovery and cushioning blows from the pandemic.

The central government will shoulder 114.1 trillion won on the Korean New Deal projects, while local governments will allocate 25.2 trillion won.

The private sector would fund the remaining 20.7 trillion won.

Hong said regulations would be revised to encourage private companies to join the projects.