The South Korean government is planning to spend more than 65 billion U.S. dollars as part of the New Deal initiative to revive local economies and achieve balanced development nationwide.
Kim Min-ji reports.
South Korea is going to incorporate regional development as part of the Korean New Deal to achieve balanced growth across the country.
President Moon Jae-in introduced the idea during a New Deal strategy meeting on Tuesday, vowing active support for regional projects.
Of the government’s New Deal investment plan, worth roughly 140 billion U.S. dollars, 47 percent of it or more than 65 billion dollars worth will be directed toward projects outside of the capital.
We will spare no financial support, including active incentives, for New Deal projects for regional development. We will also seek systematic developments for the smooth execution of the ‘Regional Balance New Deal.’
The government says the regional New Deal will be a key component of the Korean New Deal, along with its digital and green pillars.
it will be aimed at reviving local economies hit by COVID-19 and improving people’s livelihoods by linking the Korean New Deal to regional policies, as well as seeking projects that meet different regional characteristics.
The projects include the building of offshore wind farms and smart factories as well as the digitalization of infrastructure.
“We will strive to transform the South Korean economy, society and regions across the country through New Deal projects aimed at balanced regional growth. The New Deal initiative will be pursued strongly together by central and local governments, and state-run institutions.”
With around half of South Korea’s population living in the greater Seoul area, the pursuit of balanced development has been a key policy of the government.
And in order to ensure the smooth execution of New Deal projects in that regard, the government will be creating a task force, as well as beefing up personnel in local governments.
Kim Min-ji, Arirang News.

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