Kim Yong-beom, Deputy Minister of Economy and Finance, "8 Major Sector Discount Consumption Coupons to be Sequentially Distributed Starting with 'Agricultural and Marine Products' at the End of This Month"

Kim Yong-beom, Vice Minister of the Ministry of Economy and Finance, is delivering opening remarks while presiding over the 'Innovation Growth Strategy Review Meeting and Policy Review Meeting' held on the 24th at the Government Seoul Office in Gwanghwamun, Seoul.

[Sejong=Asia Economy Reporter Joo Sang-don] Kim Yong-beom, First Vice Minister of the Ministry of Economy and Finance, announced on the 24th that "the discount consumption coupons for eight major sectors will be distributed sequentially, starting with the agricultural and marine products coupons at the end of July."

Vice Minister Kim made these remarks during his opening speech while presiding over the 18th Innovation Growth Strategy Review Meeting and Policy Review Meeting at the Government Seoul Office.

Vice Minister Kim stated, "The discount consumption coupon project for the eight major sectors is part of the government's ongoing efforts to stimulate domestic demand, such as emergency disaster relief funds and the Donghaeng Sale, and is expected to achieve the dual goals of 'activating consumption' and 'supporting affected industries.' The 200 billion won in fiscal support included in the third supplementary budget will serve as a catalyst to induce consumption worth approximately 1 trillion won."

He assessed that the tourism industry is recovering due to previous emergency disaster relief funds and other measures. Vice Minister Kim said, "Since May, the decline in consumption expenditure in tourism and related industries has slowed, and domestic travel plans have been steadily increasing, showing signs of gradual recovery. During the special travel week, the 50% discount program for accommodations certified by the Korea Tourism Quality Certification was sold out, and the number of visitors to the 'Travel Week Homepage' was twice the daily average compared to the spring travel week of the previous year, indicating strong public participation."

Vice Minister Kim added, "The second quarter GDP growth rate (-3.3%) was announced yesterday, which makes us deeply realize the severity of this crisis and, at the same time, shows why the Korean New Deal was necessary as a new resolution." He said, "We will expedite the implementation of the Korean New Deal and the third supplementary budget projects as much as possible and prepare momentum for a rebound through sector-specific measures in consumption, investment, and exports."