President Moon Jae-in has declared balanced regional development as another pillar of his administration's ambitious Korean New Deal initiative, a post-coronavirus national development strategy.

At a meeting with the heads of the country's 17 top-tier administrative divisions at his office on Tuesday, Moon said the decision reflects the government's strong commitment towards prioritizing the transformation of local regions in national development.

Moon is believed to be seeking a synergy between the New Deal project and the key state task of fostering balanced economic development outside the Seoul metropolitan area.

In line with this, on Tuesday, the second session of the New Deal strategic dialogue was held with the heads of city and provincial governments, only 40 days after the first was held with ruling party and financial sector representatives.

Moon earlier announced a plan to inject 160 trillion won into various public and private programs, including artificial intelligence, SOC digitalization, green energy and a smart green industrial complex.

The president emphasized that more than 75 trillion won would be spent on projects implemented in or by local regions, projecting that the initiative will help stimulate the regional economy and create new jobs.