The Korean New Deal is centered on two pillars – the Green New Deal and the Digital New Deal. While the Green New Deal is focused on transitioning South Korea to a net-zero emissions economy, the Digital New Deal would lay the foundations for a digital economy that will spur economic growth and innovation.
South Korea’s Digital New Deal
South Korea aims to establish a foundation for competitiveness in the promising fields of the future: 5G, big data, and AI.
Korea’s data market is set to grow in earnest thanks to the amendments to Korea’s three major data privacy laws. We expect demand for WISEiTECH’s big data solutions to go beyond the public sector and expand to the private sector. In 1H20, orders for the firm’s three main solutions—data quality, big data analysis, and machine learning—exceeded those recorded in 2019, confirming the company’s full-scale growth momentum.
Yet, we cannot resign ourselves to the current frames of the digital paradigm rooted as it is in neoliberal logic. A brand new future is certainly possible, and the seeds of change are around us. Workers are mobilizing against platform giants, raising their voices against the poor working conditions of e-commerce, food delivery, and ride-hailing companies. Antitrust probes by the US and the EU, and proposals for digital services taxation have gathered momentum. Countries in the South are also grappling with policy frameworks for harnessing data’s economic value. New platform models are being explored that eschew value concentration at the top and promote equitable gains for workers.