South Korea’s South Jeolla Province has announced plans to spend USD 14m on a job creation project that will see the region develop new roles in the industry 4.0 sector, blockchain including, for promising youngsters.
Per a report from Jeonnam Maeil, funding for the project has been secured from central government resources and is part of the wider, Ministry of Public Administration and Security-run, post-coronavirus pandemic economic revival project.
The ministry has been charged with distributing funding to promising local government-run initiatives as the country looks to reduce unemployment, with youth joblessness in many regions now rising.
The government is also keen to use industry 4.0 sectors – including blockchain – as a growth engine to dig the country out of its COVID-19-sparked economic decline. Earlier this week, Seoul readjusted its GDP growth forecasts down from 3.6% to 3.2% in 2021 as a new wave of coronavirus infections hit public confidence.
But the new South Jeolla project will see the province support youth labor costs for companies who can prove they are creating jobs in the industry 4.0 sector, namely AI, cloud technology, Big Data, and blockchain technology.
The media outlet reports that some 2,100 new posts could be funded by the new project next year, which would be a major boost to the area’s businesses.
Blockchain-related firms have initially gravitated toward Seoul and the surrounding Gyeonggi Province, although many have recently relocated to the nation’s first and only blockchain regulatory free zone, a sandbox area in the nation’s second city, Busan.