[Asia Economy Reporter Lim Cheol-young] On the 9th, the Ministry of Foreign Affairs held a meeting with Korean business representatives operating in Latin America to discuss response measures amid the ongoing spread of the novel coronavirus infection (COVID-19).
The meeting was hosted by the Ministry of Foreign Affairs and attended by related agencies including the Ministry of Land, Infrastructure and Transport, Korea Trade-Investment Promotion Agency (KOTRA), and the Overseas Construction Association, as well as mid-sized companies expected to be relatively heavily affected by the COVID-19 situation. Participating companies included SeAH Sangyuk (clothing manufacturing and sales), Dohwa Engineering (construction, civil engineering, supervision), Cheonghae Engineering (construction, civil engineering, supervision), Yoonchang Construction (mechanical equipment, gas facility installation), Iljin Electric (manufacture of transformers, circuit breakers, ultra-high voltage wires), Taewoong Logistics (logistics), Hyundai Engineering & Construction (general construction), and POSCO Engineering & Construction (general construction).
The companies attending the meeting explained the difficulties they are facing under the recent COVID-19 circumstances, such as border closures and states of emergency in various Latin American countries leading to entry bans and restrictions on the movement of technical personnel, disruptions in contract awards, suspension of operations, order cancellations, and resulting revenue declines. They also expressed concerns about the health and safety of workers at job sites and factories due to shortages of quarantine equipment and hospital beds.
In response, the government listened to the difficulties of the companies operating abroad and discussed related support measures including strengthening continuous communication systems between local Korean diplomatic missions and companies, cooperation with host country authorities to resolve business activity difficulties, and health and safety measures for workers.
A Ministry of Foreign Affairs official stated, "We are closely monitoring the COVID-19 spread in the Latin America region and will carefully review the matters discussed at this meeting. We plan to continue supporting companies by strengthening continuous communication and cooperation systems among Korean companies operating in Latin America, related agencies, and overseas diplomatic missions," adding, "Our missions in Chile, Argentina, and Guatemala have supported exceptional entry for Korean businesspeople, and we are establishing consultation channels with host governments in other countries to resolve business difficulties."
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