Coronavirus pandemic accelerates digital transformation: finance minister

SEJONG -- The coronavirus pandemic is accelerating digital transformation and the world needs to prepare for this structural change in a post-pandemic era, South Korea's finance minister has said.

Finance Minister Hong Nam-ki made the remarks at an online meeting of the Group of 20 Finance and Health Ministers on Thursday, the ministry said in a statement.

Hong said the pandemic has accelerated digital transformation and contactless solutions in businesses and society, while increasing the need for an eco-friendly economy.

Hong also briefed participants about South Korea's stimulus packages to recover from the pandemic.

In July, South Korea said it will invest 160 trillion won ($137 billion) by 2025 under the bold stimulus package that could 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.

During the online meeting, G-20 ministers admitted vulnerability in coping with the pandemic.

"We recognize that the COVID-19 pandemic has highlighted the need to strengthen health systems and has shown vulnerabilities in the international community's ability to prevent, detect and respond effectively to pandemic threats," they said in a statement.

"This reinforces the need to deliver on commitments to strengthen health systems, particularly enhancing preparedness, prevention, detection and response capacities," the statement said. (Yonhap)