Minister of Industry: "Providing Masks to Daegu and Gyeongbuk Companies... Rent for Affected Businesses Reduced by 30% for Three Months"

Sung Yun-mo, Minister of Trade, Industry and Energy, is presiding over an emergency meeting of public institutions under the Ministry of Trade, Industry and Energy regarding COVID-19 response, held on the 25th at the Korea Electric Power Corporation Namseoul Headquarters in Yeongdeungpo-gu, Seoul. This meeting was conducted as a video conference using regional video conference rooms to prevent the spread of COVID-19. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Moon Chaeseok] Sung Yoon-mo, Minister of Trade, Industry and Energy, announced plans to provide quarantine masks and other supplies to companies in the Daegu and Gyeongbuk regions affected by the spread of the novel coronavirus infection (COVID-19), and to reduce rent by 30% for three months for affected businesses.

On the 26th at 3:15 PM, Minister Sung held an emergency video conference to review the COVID-19 response status at the Korea Industrial Complex Corporation Daegu-Gyeongbuk Regional Headquarters video conference room located on Export Avenue in Gumi City, Gyeongsangbuk-do. The meeting was attended by Minister Sung, three representatives of companies located in the Gumi Industrial Complex, the chairman of the Industrial Complex Corporation, and 11 regional headquarters directors.

At the meeting, Minister Sung announced plans to lend quarantine equipment and provide quarantine masks and hand sanitizers to companies struggling with COVID-19 through the "COVID-19 Industrial Complex Quarantine Assistance Center." Hand sprays and compressed sprayers will be lent to small and medium-sized enterprises. A budget of 2 million KRW will be allocated to each regional headquarters.

He also stated that rent for companies directly affected by employee infections, production stoppages, or workplace closures within industrial complex facilities will be reduced by 30% for three months (up to 1 million KRW per month). Nationwide, 12 knowledge industry centers within industrial complexes (269,000㎡) employ about 3,300 employees across 602 small businesses.

Minister Sung said that information on companies producing affected items or purchasing raw materials will be provided to export-import companies dealing with China through the Factory Establishment Information Network (FactoryOn) database. Support for business matching between manufacturing companies is also planned.

Industrial complexes will establish quarantine assistance centers in 11 major complexes nationwide to provide ▲quarantine supplies rental ▲quarantine of multi-use facilities within complexes ▲provision of dust masks and hand sanitizers ▲linkage of local governments and public health centers for SME quarantine support.

They plan to purchase supplies from 22 mask and hand sanitizer manufacturers located in the jurisdictional industrial complexes and prioritize distribution to about 21,000 workers at 2,156 companies with fewer than 50 employees in the Gumi Industrial Complex.

Additionally, they announced plans to connect 37 industrial complex management organizations in the Daegu and Gyeongbuk regions to assess damage and implement quarantine measures at industrial sites.

Specifically, they will monitor confirmed cases and close contacts, identify corporate difficulties, suggestions, and response plans by industrial complex, and provide timely support information from the government, local governments, and related organizations to affected companies.

Minister Sung urged, "Given the emergency situation, the Quarantine Assistance Center and the 11 regional industrial complex headquarters should cooperate thoroughly with local governments and public health centers to implement strict quarantine measures, maintain close communication with companies to quickly assess damage, and strengthen on-site support using support measures from the Ministry of Trade, Industry and Energy and related organizations."

The Ministry of Trade, Industry and Energy announced plans to prepare a supplementary budget to promote early recovery of regional vitality, strengthen regional industrial crisis response capabilities, and establish an early warning system for crises. They also pledged to actively support industrial complex resident companies’ difficulties such as raw material and parts supply issues by utilizing support measures from ministries and related organizations.