Kim Yong-beom, Vice Minister of Strategy and Finance, is delivering opening remarks at the 'Innovation Growth Strategy Review Meeting and Vice Ministers' Meeting on Prices' held at the Government Seoul Office Building on the 7th.
[Asia Economy Reporter Kwangho Lee] Kim Yong-beom, the 1st Vice Minister of the Ministry of Economy and Finance, stated on the 7th, "The government will promptly provide disaster recovery funds and disaster insurance payments to help farming households overcome flood damage early."
At the '20th Innovation Growth Strategy Review Meeting and Price-related Vice Ministers' Meeting' held at the Government Seoul Office on the same day, Vice Minister Kim said, "Due to the prolonged rainy season compared to previous years, flood damage to crops is expanding mainly in the Gyeonggi, Gangwon, and Chungcheong regions."
Vice Minister Kim explained, "Due to the decline in agricultural product prices following last year's good harvest and the decrease in agricultural product shipments caused by this year's prolonged rainy season, prices of some vegetables have risen significantly compared to last year," adding, "It is also difficult to rule out the possibility that supply and demand conditions may worsen further depending on weather changes after the rainy season."
He continued, "The government plans to prepare customized supply stabilization measures by item to prevent temporary agricultural product supply instability from leading to price instability for ordinary citizens," emphasizing, "We will support agricultural production without disruption through measures such as releasing stockpiled quantities and providing discounts on pesticides."
During the meeting, the 'Progress on Support Measures for Startups and Venture Companies' was also discussed.
Vice Minister Kim mentioned, "Due to the contraction of venture investment caused by the novel coronavirus disease (COVID-19), various policies have been prepared to ensure that startups and venture companies do not suffer from a lack of funds," adding, "We have expanded the supply of policy funds and strengthened institutional support so that the private sector can invest in ventures more quickly and boldly."
Furthermore, he expressed, "Going forward, the government will spare no policy support to foster startups and venture companies and to ensure that the abundant liquidity in the market flows into more productive sectors to enhance the economy's dynamism and innovativeness."
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