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| Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho speaks during an emergency meeting of economy-related ministers at Government Complex Sejong, Monday. Yonhap |
Gov't unveils detailed plans to develop new growth engines
By Yi Whan-woo
The government said Monday it will push to commercialize the delivery of packages by robots and drones starting in 2026 and 2027, respectively, on its path to build a next-generation logistics system.
It also said it will begin urban air mobility (UAM) vehicle tests with six Korean consortiums to fully commercialize them in 2025, while opening an independent organization responsible for a state-led aerospace program and aeronautics research by the end of this year.
Announced during an emergency meeting of economy-related ministers, these measures were parts of progress being made by the government under an economic development blueprint covering 15 projects, titled "New Growth Strategy 4.0."
The blueprint was unveiled in December 2022 in line with efforts to foster private sector-led growth engines amid a growing need to reverse a slowdown in productivity.
The 15 projects are related to future mobility, independent space exploration, quantum technology, medical technology, green energy, artificial intelligence-based (AI) digital technology, smart logistics, carbon neutral cities, smart farming, smart grids, semiconductors and displays, bio clusters, a tourism cluster centering on the former presidential office of Cheong Wa Dae, R&D on special visual effects, metaverse and virtual reality and the winning of overseas mega deals on construction, defense and nuclear plant projects.
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"It's important for the government to seek proactive investments in the future-oriented sectors to revitalize the economy," Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said during the emergency meeting.
To ensure the 15 projects are carried out in a timely manner, the government plans to announce at least 30 follow-up measures in 2023, with more than 20 within the first half of the year.
Regarding tourism, the government wants to build five tourist resorts that can be comparable to Mexico's Cancun starting in 2027.
It accordingly pushes to come up with a master plan by the end of 2023 on tourism and leisure towns on coastal areas.
The R&D on special visual effects, metaverse and virtual reality is aimed to create a domestic version of the Walt Disney Company in order to better capitalize on the popularity of Korean films and dramas.
To make that possible, the government plans to put together a 410 billion won ($316 million) fund by the end of 2023, with half of the fund coming from the private sector.
Another 500 billion won in funds will be raised within the first half of this year to develop vaccines and treatments for contagious diseases.
The government will select candidates for net-zero cities in the second half of 2023, which will eventually go carbon neutral by 2030.
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