President Moon presided over the 1st Korean New Deal strategic meeting on September 3. In this on/off line meeting, Moon and attendees discussed on funds, infrastructure and public and private finances.

Moon said “We are here today to open a new future for the nation. Korean New Deal won’t happen without involving investment from private sectors as well as support of the people.”

He emphasized importance of budget, policy finance and private finance to bring a success to the deal which would be the biggest ever single project in history, and investment scale would also be huge.

“The people participatory new deal fund will create 20 trillion won (17 billion USD) and it will be poured into the future industry and the social value. But the scale will be around 70 trillion won from the individual investment and 100 trillion won from the public. Also, deregulations would speedily be carried out.”

Economy and Finance Minister Hong Nam-ki said “20 trillion won policy-type new deal fund will be created for the next 5 years. It means that the government fund and the policy fund will cut off investment risk.”

On the day, K-Growth director Seo Jeong-gun briefed on management of the policy-type new deal fund, Korea Exchange index division head Hwang Woo-gyeong on new deal index development and new deal ETF, Samsung Asset Management head Min Su-ah on private fund, and Shinhan Financial Group management director Park Sung-hyun on new deal in the financial sector.

Moon emphasized that the Korean New Deal would be an opportunity for the financial industry to level-up and he asked attendees to work together to shift the investment in the real estate market into new future industry. 

Moon checks on smart green industrial complex

President Moon paid a visit on September 17 to the Changwon Industrial Complex to check the process of the smart green industrial complex. This fourth visit was made as part of the Korean New Deal process after the three visits to check on data dam, green ocean wind power and green smart school. 

Moon toured Taelim which has made car parts for more than 30 years and listened attentively to the briefing of the vice president Oh Gyeong-jin on its passionate research and development. The tour was followed by the day’s main event: smart green industrial complex briefing session. 

In the session, Moon pointed out that the smart green industrial complex was the innovative strategy for manufacturing industry to turn its concept and practice from ‘pursuing’ to ‘leading’ and the Changwon Industrial Complex would lead this change.

“I’m impressed by two armed robots and by data-based quality management at Taelim. I’m also briefed that the smart factory is breaking the prejudice that it will take the job away but it actually increased the level of both export and employment. The government is planning to turn all 7 smart industrial complexes to smart green complexes until 2025 by pouring 3.2 trillion won” said Moon and adding that “The output would be increased by 12.3 trillion won alongside 33,000 new jobs and the government will push forward digitalization, low carbon emission and high efficiency energy innovation.”

After the briefing session, Moon toured the gas turbine factory of Doosan Heavy Industries & Construction and was briefed on how gas turbine would be used to create new renewable energy.