South Korea will stretch the budget for its New Deal projects to more than 100 trillion won ($83.5 billion) to accelerate migration to big data, telemedicine and eco-friendly infrastructure over the next five years.

The so-called Korean New Deal was initially earmarked at 76 trillion won but expanded to jumpstart the economy amid the coronavirus pandemic.

A more detailed outline is due out in mid-July, according to government officials on Sunday.

The New Deal project is largely divided into three parts: digital, green and human.

On the digital front, investment would focus on data and artificial intelligence, with applications extended to education and healthcare.

Plans are underway to build big data platforms across 15 sectors and make them accessible to all corporations. KDX, Korea’s first private financial data exchange launched last May, would pave the way for this effort, creating more opportunities around the business of data trading.

To build the infrastructure for digital learning, Wi-fi would be installed in all elementary, junior high and high schools across the country. The government also plans to boost investment in telemedicine, supporting technologies that allow healthcare providers to diagnose or treat patients at a distance.

Under the Green New Deal, Korea intends to support 100 environment-focused companies through 2022 to help them take their business from research to market. It would also provide state loans to encourage residential houses, commercial buildings and farms to embrace renewable energy, such as solar, wind and water.

The Human New Deal involves bolstering the social safety net. This includes providing employment insurance to freelancers and other workers with irregular employment status.

By Oh Chan-jong and Kim Hyo-jin

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]