(Unofficial Translation)

This gathering, coming with my term set to end in a month, has been arranged to take stock of achievements from the Korean New Deal that has been prioritized by my Administration and to appreciate the hard work everyone has put in. In particular, it is very meaningful to have with us private-sector honorees awarded for their exemplary success stories in regard to this initiative.

The Korean New Deal was created at a time when the entire world faced the worst of the economic crisis caused by the COVID-19 pandemic. This was an audacious initiative to turn the crisis into an opportunity by surmounting the hardships. It was a declaration aimed at the Republic of Korea’s great transformation to emerge as a pacesetting nation. The Government devised nationwide implementation plans and began bold fiscal investments. The digital and green economic and social transitions were accelerated, and investments in people were expanded as we made the employment and social safety nets stronger. New administrative priorities were identified, and the scope of relevant projects continued to be widened. In doing so, we could walk an evolutionary path and gain momentum to implement the initiative.

In less than two years, the Korean New Deal has produced tangible achievements on many fronts. The Digital New Deal has helped build the world’s finest foundation for D.N.A. – data, network and AI – further cementing Korea’s status as a digital leader. Consequently, the data industry is growing by leaps and bounds. Vibrant new industries and innovative services are bringing about a visible digital transformation throughout society.

The Green New Deal has helped further enhance our green competitiveness and laid the firm foundation for carbon neutrality. Hydrogen-powered cars, electric vehicles and other means of green mobility are becoming available rapidly. A series of massive investments are being made in new and renewable energy and the hydrogen economy. These are helping to create future growth engines and strengthen our ability to respond to climate change. Moreover, buildings, cities, industrial complexes and other living areas across the board are turning into green spaces.

We’ve also strongly pushed the Human New Deal, further strengthening the social safety net and inclusiveness. The number of workers eligible for employment insurance has increased gradually, and support for the vulnerable and young is also being expanded. In addition, we are continuously scaling up investments in people, for instance, by actively cultivating talented individuals and workforces in promising new industries.

Furthermore, the Korean New Deal is quickly spreading into local areas and the private sector. With the Regionally Balanced New Deal policy taking shape, balanced national development strategies tailored to regional characteristics are being pursued proactively. Public-private cooperation models are proliferating as well, and the New Deal fund has been raised, thereby helping expand the private sector’s investments. On top of this, legal and institutional foundations have also been laid to make the pursuit of the Korean New Deal more sustainable.

Notably, the Korean New Deal is gaining acclaim from the international community. It is being hailed globally as a leading national development strategy in the era of the Fourth Industrial Revolution and carbon neutrality. As major countries move along the path that we were the first to embark on, the world can be said to be pursuing this policy. It has become a universal policy direction for humanity, not just for Korea. 

The Korean New Deal – representing the Republic of Korea’s future – is the way to take the lead in the international community. Intensifying efforts for great digital and green transformations, as well as enhancing inclusiveness is the direction that should be pursued steadfastly regardless of a change of administration. It is a path we must take for our country’s future, so I look forward to the incoming administration continuing to further it. It is a path we must take so Korea can cooperate with the international community in step with global trends. It is also a path that enables Korea to emerge as a pacesetter. I’d like to see the Korean New Deal become Korea’s signature policy through efforts to maintain and further develop its contents, even if the name of the policy changes.

Thank you.