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S. Korea highlights digital New Deal for post-COVID-19 period at G-20 meeting

According to Yonhap News,

SEOUL, July 23 (Yonhap) -- South Korea has highlighted its new digital New Deal initiative to prepare for the post-coronavirus period at the latest Group of 20 economy ministers meeting, the science ministry said Thursday.

At the teleconference that took place late Wednesday (Korea time), Seoul said it is moving to strengthen its data, 5G network and artificial intelligence (AI) infrastructure, and build up its contact-free industry by fully utilizing its prowess in information technology, the Ministry of Science and ICT said.

Such goals, along with striving to digitalize every aspect of the country's social overhead capital, are the main goals of the New Deal plan announced earlier this month.

Seoul said it plans to spend 58.2 trillion won (US$48.6 billion) by 2025 to update and digitalize its infrastructure, and increase state investment in key cutting-edge technologies. The move is expected to create some 900,000 jobs and lead to sustainable growth that is critical in helping the country cope with the fallout of the pandemic.

"South Korea stressed that fully switching to a digital economy is a necessity going forward, with Seoul placing importance on providing greater access to online resources to the socially disadvantaged and rural communities," the ministry said. It said efforts are also under way to use 5G and AI in all industries that can lead to the creation of new businesses and generate more growth opportunities.

Besides introducing South Korea's New Deal initiative, Vice Science Minister Jang Seok-young, who represented the country at the teleconference, signed off on the G-20 digital economy communique that calls for greater cooperation across the board to help speed up the digitalization progress. The communique is expected to be reflected in the G-20 summit that will take place in November, the ministry said.

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Source: Yonhap News (Jul 23 , 2020)

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