[Asia Economy reporters Kwangho Lee and Sehee Jang] Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki stated on the 19th regarding the novel coronavirus infection (COVID-19), "By the end of this month, we will prepare and announce a comprehensive first-phase economic stimulus package aimed at revitalizing investment and consumption."
On the same day, Deputy Prime Minister Hong held an economic-related ministers' meeting and an economic revitalization measures meeting at the headquarters of the Export-Import Bank in Yeouido, Seoul, and said, "Recognizing this as an economic emergency situation, we are preparing measures by mobilizing all available policies."
He emphasized, "The COVID-19 situation is also affecting exports," adding, "We will provide emergency liquidity support to companies suffering from unpaid export payments, offer expedited customs and logistics support to companies facing difficulties in procuring raw materials, and prepare mid- to long-term export structural reform plans including supplementing export marketing such as the normal promotion of domestic exhibitions." The export measures are scheduled to be announced on the 20th after discussions held on the day.
Regarding the additional customs burden caused by changing maritime transport to air transport, which was raised at a recent meeting between economic organizations and businesspeople, he said, "In cases of urgent reasons such as COVID-19 and if certain conditions are met, we will temporarily grant customs reduction exceptions," and added, "The government plans to continuously devise support measures within the maximum possible scope to help overcome damages on the ground."
As for regional economic support measures, he explained, "We will actively utilize local governments' own resources such as disaster and accident contingency funds and disaster management funds for quarantine and quarantine budget," adding, "We have already disbursed 36.7 billion KRW and will disburse an additional approximately 100 billion KRW."
He further added, "We will execute 60% of local finances in the first half of the year and proceed with local government-hosted events as planned in principle to minimize the risk of regional economic contraction."
Deputy Prime Minister Hong particularly stated, "I believe that the most powerful economic measures are the everyday consumption activities of the public and the active investment activities of companies," and urged, "Since gatherings for boosting morale and strengthening organizational cohesion, such as dinners, are not considered working hours subject to the 52-hour workweek, please support efforts to alleviate difficulties faced by self-employed and dining businesses through evening meetings and dinners."
Attending the meeting were Deputy Prime Minister Hong Nam-ki, Minister of the Interior and Safety Jin Young, Minister of Employment and Labor Lee Jae-gap, Minister of Trade, Industry and Energy Sung Yun-mo, Minister of SMEs and Startups Park Young-sun, Minister of Environment Cho Myung-rae, Commissioner of Statistics Korea Kang Shin-wook, and Commissioner of the Korean Intellectual Property Office Park Won-joo.
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