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S. Korea to invest US$ 60 bil. to nurture service sector

2019-06-26 1 Dailymotion

홍남기 '유망서비스업에 5년간 70조원 정책금융 지원'<br /><br />In the latest move to revitalize the Korean economy,... the government will invest over 60 billion U.S. dollars into the service sector.<br />Our Kim Dami has the details. Calling the service sector a treasure chest for economic value and job creation... the government says it will invest some sixty-billion U.S. dollars into the sector over the next five years. <br />In Wednesday's economic meeting, Finance Minister Hong Nam-ki highlighted the potential of the service sector, which is twice as productive as the manufacturing sector when it comes to creating new jobs.<br />For that, the government will take the lead in extending loans to the service sector by 2023.<br />It will also boost service sector R&D by investing around five billion dollars and providing tax incentives.<br />The government also proposed detailed plans for the tourism and logistics sectors. <br />To attract more foreign visitors, Hong announced a plan to host a K-pop festival in May and October every year. <br />Hong also promised to increase the number of logistics centers, especially on unused land in and around Seoul, and invest one hundred and seventy-six million dollars in logistics R&D by 2027. <br />He added that plans to introduce smart services that provide customized ICT solutions in logistics will further allow integration between the service and manufacturing sectors. <br />Kim Da-mi, Arirang News.<br />

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