Moon says Korean New Deal investment to be expanded to W220tr

South Korea will increase its investment in the Korean-version New Deal project to 220 trillion won ($191 billion) by 2025, President Moon Jae-in said Wednesday.

He announced the scheme to expand the scale of government-private investment from the originally planned 160 trillion won, marking the first anniversary of the launch of the campaign.

It is aimed at creating a massive amount of jobs and spurring mid-to long-term economic growth with a focus on promoting the digital infrastructure and environment-friendly industries.

"Total investment in the Korean version of the New Deal will be expanded from 160 trillion won to 220 trillion won by 2025," Moon said during a Cheong Wa Dae event.

He unveiled a plan to create an additional government policy fund worth 100 billion won as part of what he described as the "Korean-version New Deal 2.0."

The president said the "Human New Deal" would be added to the project as a new pillar to the existing Digital and Green New Deals.

"The Human New Deal represents a further expansion and development of the job security net and the social security net," he said.

The government will provide "maximum support" for companies and colleges to train more than 90,000 skilled manpower in software and many others in such industries as system semiconductors, biohealth and future cars. (Yonhap)