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Task force set up for New Deal stimulus projects

According to Yonhap News,

SEJONG, Aug. 18 (Yonhap) -- South Korea's finance ministry said Tuesday it has set up a task force to support Korean New Deal projects that will help create 1.9 million jobs and kick-start the coronavirus-hit economy.

The task force is manned by 50 officials from the ministries of finance, industry, environment and employment and other relevant agencies, the ministry said.

It will discuss measures on how to support the projects and make sure projects run smoothly, it said.

Last month, South Korea said it will invest 160 trillion won (US$133 billion) by 2025 under the bold stimulus package.

Unlike conventional infrastructure projects, the deals feature 28 projects that will transform the nation's fossil fuel-reliant economy into an eco-friendly one and increase state investment in artificial intelligence and fifth-generation (5G) telecommunication services, Finance Minister Hong Nam-ki said.

The projects are aimed at laying the groundwork for economic growth in the long term, while cushioning the economic blow from the pandemic and hastening an economic recovery, ministry officials said.

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Source: Yonhap News (Aug 18, 2020)

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