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South Korea to make 5G and AI centrepieces of economy’s ‘New Deal’ in post-coronavirus era
South Korea will make artificial intelligence (AI) and 5G wireless communications the centrepieces of what it touts as a “New Deal” to create jobs and boost growth after the coronavirus pandemic subsides.
The government, in a statement on Thursday, said it will promote AI and the next-generation wireless technology to support the economy once the coronavirus is brought under control.
The statement did not say how much money would be spent, but that funding would come from a third emergency budget being drafted now and from annual budgets through 2022.
President Moon Jae-in, after last month’s big election victory, said his government would pursue large-scale state projects to boost jobs and innovation in the post-coronavirus era.
The project comes as South Korea’s trade-dependent economy braces for more fallout from the pandemic. Even though the country has so far managed to bring its own outbreak under control, March was its worst month for job losses since the global financial crisis, with part-time workers and young people among the hardest-hit.
As part of its New Deal, South Korea plans to create a fund to support AI development, build sites for robot testing and help businesses launch new services that make use of data, according to the statement. The government said it will also support construction of a nationwide 5G network.
The goal is to enhance South Korea’s economic growth potential and create sustainable jobs for future generations, the government said, adding that more specifics will be announced in June.
- The initiative by newly re-elected South Korean President Moon Jae-in is expected to involve large-scale projects to boost jobs and innovation
- Plans include creating a fund to foster AI development, build sites for robot testing and support the roll-out of a nationwide 5G network
South Korea will make artificial intelligence (AI) and 5G wireless communications the centrepieces of what it touts as a “New Deal” to create jobs and boost growth after the coronavirus pandemic subsides.
The government, in a statement on Thursday, said it will promote AI and the next-generation wireless technology to support the economy once the coronavirus is brought under control.
The statement did not say how much money would be spent, but that funding would come from a third emergency budget being drafted now and from annual budgets through 2022.
President Moon Jae-in, after last month’s big election victory, said his government would pursue large-scale state projects to boost jobs and innovation in the post-coronavirus era.
The project comes as South Korea’s trade-dependent economy braces for more fallout from the pandemic. Even though the country has so far managed to bring its own outbreak under control, March was its worst month for job losses since the global financial crisis, with part-time workers and young people among the hardest-hit.
As part of its New Deal, South Korea plans to create a fund to support AI development, build sites for robot testing and help businesses launch new services that make use of data, according to the statement. The government said it will also support construction of a nationwide 5G network.
The goal is to enhance South Korea’s economic growth potential and create sustainable jobs for future generations, the government said, adding that more specifics will be announced in June.
