In the latest move to revitalize the Korean economy,... the government will invest over 60 billion U.S. dollars into the service sector.
Here's our Kim Da-mi with more on today's economic meeting.
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.
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.
For that, the government will take the lead in extending loans to the service sector by 2023.
It will also boost service sector R&D by investing around five billion dollars and providing tax incentives.
The government also proposed detailed plans for the tourism and logistics sectors.
To attract more foreign visitors, Hong announced a plan to host a K-pop festival in May and October every year.
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.
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.
Kim Da-mi, Arirang News.
