16th Emergency Economic Central Countermeasures Headquarters Meeting
Distribution of 500 Digital Traditional Markets and 100,000 Smart Stores
[Asia Economy Reporter Jang Sehee] On the 17th, Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Strategy and Finance, stated, "To alleviate the burden on small and medium-sized enterprises (SMEs) handling chemical substances whose business conditions have worsened due to the prolonged COVID-19 pandemic, the exemption period for regular inspections of chemical handling facilities, which was scheduled to end this month, will be extended by an additional three months until the end of 2020."
At the 3rd Korean New Deal Ministerial Meeting and the 16th Central Emergency Economic Countermeasure Headquarters Meeting held on the same day, Deputy Prime Minister Hong said, "To prevent factory operations from being halted due to minor changes in chemical handling facilities, we will promptly institutionalize a system allowing operation within 30 days prior to facility inspection."
He also announced, "To promote technology startups, we plan to include convergence business models such as smart clothing and intelligent automobiles within the scope of startups and to pursue special allowances for the Youth Tomorrow Savings Program for innovative SMEs." He added, "We will review the introduction of a regulatory forecast system for SMEs to minimize regulatory burdens from the perspective of actual businesses and improve the current SME regulatory impact assessment to operate more effectively."
Furthermore, tailored measures for small business owners were introduced. Deputy Prime Minister Hong said, "We will provide management and commercial district information through the establishment of a big data platform for small business owners and promote the spread of simple payment methods to reduce payment fees to the 1% level."
He stated, "We will significantly expand infrastructure to enhance the digital utilization of small business owners." Plans include supporting policy funds worth 400 billion KRW and special guarantees of 200 billion KRW for digitalization of small business sites, purchase of smart equipment, and promotion of smart technology use. By 2025, 500 digital traditional markets equipped with online delivery systems, 100,000 smart stores introducing robots, and 10,000 smart workshops will also be distributed.
Deputy Prime Minister Hong added, "We aim to provide customized on-site training for 50,000 people from digitally vulnerable groups such as middle-aged and older adults by 2025," and "We plan to establish a win-win cooperation fund worth 40 billion KRW by 2023 to distribute 200,000 kiosks and digital payment terminals to small business owners."
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