President Moon Jae-in said in his keynote speech Wednesday for the Davos Agenda Week that South Korea has minimized the economic impact of the pandemic by helping the most vulnerable get back on their feet.
As a result, South Korea’s economy is expected to recover to its pre-pandemic condition in the first half of this year and will achieve the highest growth in the OECD.
He told the delegates about his administration’s Korean New Deal initiative, which he said will be a leap forward for the economy by expanding employment and the social safety net.
“With sustainable growth under the Digital New Deal and the Green New Deal, South Korea’s economy will take a leap forward. Along with New Deal for Balanced Regional Growth, the local economy will flourish and improve people’s lives in a balanced way.”
He also aims to create low-carbon industrial complexes as part of achieving carbon neutrality by 2050.
The president emphasized that South Korea has one of the world’s best IT infrastructures and has remarkable digital competitiveness, proving that it’s a safe partner for trade and investment.
Not to mention how South Korea was able to successfully contain the spread of Covid-19…
Many global companies and organizations took part in President Moon’s session in anticipation that his policies will bring opportunities for business cooperation.
When asked by a participant how the Korean New Deal could inspire other countries, President Moon said his policy aims to use what South Korea is best at, in this case the digital sector, to achieve growth for all.
The policy could be something to consider, he said, for countries with similar experiences and goals.
Another question was how the government will maintain a balance between short-term and long-term goals and between the public and private sectors.
To this, the president said the Korean New Deal is a model led by the private sector and backed by the government with the goal of increasing the country’s prospects for sustainable economic growth.
Hong Yoo, Arirang News.