The South Korean government has vowed to foster small and medium-sized enterprises(SMEs) and venture startups in the non-contact or “nontact”, digital and green industries in the post-coronavirus era.

The Ministry of SMEs and Startups put forth its three-year plan on Tuesday, to help accelerate the digitization of SMEs, venture startups and small businesses, to offer customized support, and to establish a safety net for post-COVID-19 recovery.

Such initiatives are a part of the Moon Jae-in administration's broader New Deal project, a new signature policy aimed at creating jobs and revitalizing the economy.

The ministry pledged to set up a nontact service platform by 2021, and create a six-trillion-won "smart fund" by 2025 to invest in the nontact, bio and green industries.

An artificial intelligence(AI) platform will be established for smaller manufacturing businesses, and some 300 5G and AI-based smart factories will be built by 2022.

The ministry will also financially support SMEs and small business owners struggling because of the pandemic.