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S. Korea to bolster investment in digital infrastructure

All News 09:30 September 11, 2020

SEJONG, Sept. 11 (Yonhap) -- South Korea will step up its investment in digital infrastructure as the coronavirus pandemic reinforced digital transformation, Finance Minister Hong Nam-ki said Friday.

"During the COVID-19 pandemic, digital transformation has taken place at a faster pace," Hong told an online forum on the digital economy.

The government will focus on investing in digital technologies, including big data services and next-generation telecom, Hong said.

In July, South Korea said it will invest 160 trillion won (US$134 billion) by 2025 under the bold stimulus package that will create 1.9 million jobs and kick-start the coronavirus-hit economy.

Unlike conventional infrastructure projects, the deal features 28 projects that will transform the nation's fossil fuel-reliant economy into an eco-friendly one and increase state investment in artificial intelligence and fifth-generation (5G) telecommunication services.

The projects are aimed at laying the groundwork for economic growth in the long term while cushioning the economic blow from the pandemic and hastening a recovery.

Finance Minister Hong Nam-ki (C) and economy-related ministers give a briefing on the government's measures to stabilize people's livelihoods ahead of the Chuseok holiday at the government complex in Seoul on Sep. 10, 2020. Chuseok, which falls on Oct. 1 this year, is one of the nation's largest traditional holidays. (Yonhap)


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