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Moon: S. Korea to lead post-corona era with 'pace-setting' economy

All News 11:21 May 10, 2020

By Lee Chi-dong

SEOUL, May 10 (Yonhap) -- President Moon Jae-in presented an ambitious vision Sunday for South Korea to take the initiative in the post-coronavirus global economy on the basis of its prowess in the sectors of information and communication technology, and bio-health.

"We will use our relatively rapid stabilization of the COVID-19 outbreak and the transition to a new normal as a turning point for enhancing economic vitality," Moon said in a special address to mark the third anniversary of his inauguration and unveil his top priority policy tasks for his remaining two years in power.

"We will blaze a trail in the post-COVID-19 era with a pace-setting economy," he said.

President Moon Jae-in delivers a special speech at Cheong Wa Dae's press briefing room on May 10, 2020, on the occasion of his third inauguration anniversary. (Yonhap)

Moon said the government will strive to turn South Korea into a globally leading "digital powerhouse" with innovative business ventures and startups serving as the main driving force.

On the envisioned Korean version of the New Deal, Moon said South Korea will focus on a "preemptive investment" for the future, designed to establish digital infrastructure and create many jobs.

"The early establishment of 5G infrastructure and the building of infrastructure to collect, accumulate and use data will be pursued as national projects," he said. "Non-face-to-face industries related to medical services, education and retail distribution will be intensively fostered."

Moon pointed out that the COVID-19 crisis has demonstrated the importance of beefing up health care and social safety nets.

"The Centers for Disease Control and Prevention will be upgraded to the Disease Control and Prevention Administration to strengthen its expertise and independence," he said. The agency, known as the KCDC, has served as the control tower of South Korea's anti-virus quarantine system.

The government will also "establish the cornerstone for an era of universal employment insurance" by first enabling freelancers, contract workers and others in "blind spots" to be covered and then expanding it to all of the self-employed, according to the president.

On the topic of North Korea, he proposed that it work with South Korea toward a "single community of life and a peace community by cooperating on human security."

"For the remainder of my term in office, I will do my best to turn crises into opportunities while fully devoting myself to overcoming this national crisis along with the people," he said. "I will strive to pave the way for the Republic of Korea to take the lead globally."


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