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Executives of tech firms vow to boost investments

According to Yonhap News,

SEOUL, Sept. 18 (Yonhap) -- Executives of Samsung Electronics Co. and other South Korean tech companies pledged Friday to work together with the government to increase investments and create more jobs.

The Ministry of Science and ICT said it will set up a working group with the companies next month to draw up plans for future investments and projects.

Other companies are LG Electronics Inc.; the country's three leading mobile carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp.; and two major internet portal operators -- Naver Corp. and Kakao Corp.

"The government and private sector will pool resources to find growth opportunities that can transform the country into a leader in the digital tech field," Science Minister Choi Ki-young in a meeting with the executives.

No details of the proposed investments were immediately available.

South Korea announced in July that it is striving to digitalize every aspect of the country's social overhead capital under the digital New Deal plan.

The government said it plans to spend 58.2 trillion won (US$49.8 billion) by 2025 to update related 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 COVID-19 pandemic.

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Source: Yonhap News (Sep 18, 2020)

* This article was translated from Korean. 
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