S. Korea to spend W3.6tr for convergence of industries

South Korea plans to invest 3.6 trillion won ($3.2 billion) this year to promote the convergence of different industries and foster new growth engines, the industry ministry said Monday.

The budget, which marks a 3.7 percent rise from 3.46 trillion won allocated in 2020, will be spent on 163 projects, according to the Ministry of Trade, Industry and Energy.

The projects will center on helping the country's vision to go carbon neutral by 2050 and speed up the development of contact-free economic activities.

More than half of the budget will be spent on the so-called Digital and Green New Deal projects.

The Korean-version New Deal, launched by the Moon Jae-in administration, aims to foster the nation's future growth by promoting digital innovation, green industries and balanced regional development.

South Korea also plans to temporarily lift a set of regulations to offer new business opportunities.

For example, drivers can update the electronic control unit of their automobiles over-the-air without having to visit maintenance centers.

Drivers of liquefied petroleum gas (LPG)-powered cars will also be allowed to charge their automobiles by themselves without the assistance of employees. (Yonhap)