Presided over the 31st non-private economy central countermeasures headquarters meeting
“Expanded 65% of added value in the service industry within 5 years”
Hong Nam-ki, Deputy Prime Minister of Economy and Ministry of Strategy and Finance, announced on the 3rd that for the development of the service industry, the proportion of added value will be increased to 65% by 2025 and 300,000 high-quality jobs will be created.
On the premise of stabilizing quarantine, we will also prepare support for ‘4+4 vouchers and coupons’ focusing on culture, lodging, dining out, sports and sports services to create demand for the service industry.
On that day, Deputy Prime Minister Hong presided over the 31st Emergency Economic Central Countermeasure Headquarters at the Government Complex in Seoul and said, “We will actively prepare measures to raise the competitiveness and innovative fostering of the service industry, which will be called the report of creation of added value and employment.”
Deputy Prime Minister Hong said, “Based on the transition of the mega-trend in the post-corona era as an opportunity to take a leap forward, the service industry will develop 4+1 with the goal of increasing the share of added value in the service industry from 60% to 65% by 2025 and creating 300,000 high-quality new jobs in the service industry. We have prepared a strategy for promotion,” he emphasized.
In this regard, he said, “To support timely response to accelerated non-face-to-face and digital transformation, we will support the construction of smart systems to 100,000 small and medium-sized stores and 1350 small and medium-sized companies by 2025, and to service companies using big data and artificial intelligence (AI). We will support Jowon’s preferential guarantee.”
In addition, he explained, “We will also prepare 4+4 vouchers and coupons for about 23 million people, focusing on culture, lodging, eating out, and sports services, to create demand for the service industry on the premise of stabilizing quarantine.
Finance is also invested in reinforcing the service infrastructure. Deputy Prime Minister Hong said, “To alleviate the gap between the basic infrastructure of the manufacturing and service industries, government service R&D will be greatly expanded to 7 trillion won for five years until 2025, and export financing of 20 trillion won or more over the next five years will be provided to advance overseas such as health care and contents. I will apply.”
Next, as a way to foster promising services, “We will focus on supporting high value-added in eight areas with high growth potential, such as tourism, logistics, and finance.” For this, we will expand 250 smart logistics centers equipped with automated facilities by 2025, and expand fintech innovation funds to 500 billion won within five years.”
He said, “To advance the fields of food, wholesale and retail, which were considered low value-added areas, 500 digital traditional markets using virtual reality (VR) maps will be created by 2025, and businesses subject to big data-based management consulting will also be 5 by 2023. We will expand from dogs to 30.”
Deputy Prime Minister Hong said, “In order to systematically foster and support the service industry, the proposal and abolition of the first enactment bill in December 2011 were repeated for 10 years, and the enactment of the Framework Act on the Development of the Service Industry, which is currently pending in the National Assembly, must be passed at the provisional National Assembly this March. “I want you to be different”.
Reporter Choi Byung-wook
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