President Moon Jae-in says the government will be creating a fund worth 20 trillion won, or roughly 17 billion U.S. dollars, to fund the New Deal projects.
The fund will bring together investments from the government, state-run financial institutions and private financial firms.
Moon also encouraged active participation from the general public citing stable profits and tax benefits.

It will be an opportunity for the people not only to create profit for themselves, but to invest in South Korea’s future and social value.

President Moon added that over the next five years, 84 billion dollars in policy loans and private finance worth 59 billion dollars will be used to invest in New Deal projects.
On top of that, the government also plans to create a so-called New Deal index to attract further investment.
The New Deal initiative aims to meet the country’s future needs and create jobs that embrace two main pillars “digital” and “green.”
President Moon introduced the idea few months back as a means to prepare for the post-COVID-19 era.

The Korean New Deal will open a new future for South Korea’s economy based on the New Deal fund and New Deal financing. The government’s role and active contribution from policy financing, together with the cooperation from the private sector, will be the foundation for our pursuit of the Korean New Deal.

The president said he hopes that excess liquidity can be directed to more productive areas rather than unproductive ones, such as the real estate market.
Moon also promised to speed up regulatory reform to spur New Deal projects and related corporate activities.

The president said this will be the largest investment in a single project to date. He stressed that active participation will be key for the success of the New Deal aimed at revitalizing the economy and preparing for the post-virus era. Kim Min-ji, Arirang News.

Reporter : kimmj@arirang.com

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