In South Jeolla Province, an allotted $14 million has been approved for a job creation initiative. The main focus of the project is to help young people anxious to enter into 4.0 sector jobs, including blockchain technology.
The announcement is part of the region’s and country’s plan to combat unemployment, especially in youth and a falling economy, post-coronavirus. The GDP of South Korea took a hit in its second quarter, dropping 3.3% in July. It has been slowly recovering since October.
Funding for the South Jeolla project has been approved by the government as part of the Ministry of Public Administration and Security recovery goals.
The $14M will go to companies supporting the youth-centric initiative that focus on digital innovations such as AI, blockchain, cloud tech, and big data. By next year the money, reportedly, could support at least 2,100 jobs and boost the local economy over the next year.
Support for the next generation of South Koreans shows the changing times of a new digital age that will accelerate more as we enter 2021.