Korea pledges KRW245 trillion for New Deal economy post-COVID

SEOUL- Meeting with business leaders from key industries at the Korea International Trade Association in Seoul, South Korea's President, Moon Jae-in, has pledged to swiftly press ahead with his proposed "Korean New Deal" to minimise the economic impact of COVID-19 and  secure future competitiveness.

But speaking to CEOs from nine key sectors, including aviation, auto and shipbuilding, he warned that domestic industry and jobs were all in crisis, and urged co-operation between labour and management to save jobs and the economy.
"Through five rounds of Emergency Economic Council meetings, the Government has made the extraordinary decision to inject KRW 245 trillion - 13% of our country's GDP - into overcoming this economic crisis, and is also preparing a third supplementary budget," he said.
"Among other things, the government will quickly implement the Korean version of the New Deal. We'll put all our efforts into recovering the economy, securing future competitiveness, protecting jobs and expanding the employment safety net." 
President Moon forecast acceleration of digitisation and eco-friendliness after the pandemic ends. He also pledged to forge ahead with the Green New Deal, part of the Korean New Deal, to respond to climate change by reducing greenhouse gases and create jobs.
"For its part, the Government will strive to nurture future technology professionals while supporting Korean companies' efforts to innovate," he said.

www.koreanet.kr (ATI).