Presiding over the 37th Economic Central Disaster and Safety Countermeasures Headquarters Meeting and the 3rd Innovation Growth Strategy Meeting
Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki presiding over the 37th Emergency Economic Central Countermeasures Headquarters meeting and the 3rd Innovation Growth Strategy meeting of 2021 held at the Government Seoul Office Building on the 9th. (Photo by Yonhap News)
[Sejong=Asia Economy Reporter Moon Chaeseok] Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Strategy and Finance, announced on the 9th that "steel rebar production in the second quarter is expected to increase by about 500,000 tons compared to the first quarter."
On the same day, Deputy Prime Minister Hong presided over the 37th Economic Central Disaster and Safety Countermeasure Headquarters and the 3rd Innovation Growth Strategy Meeting at the Government Seoul Office in Gwanghwamun, Seoul, and made the statement. Last month, the domestic distribution price of steel rebar surged by 85% year-on-year to 1.2 million KRW per ton, raising concerns in the industry.
He said, "Through support for rapid customs clearance of steel raw materials and rebar, postponement of equipment maintenance by companies, prioritized production of rebar, and conversion of export volumes to domestic sales, it will be possible to produce 2.79 million tons of rebar in the second quarter, an increase of about 500,000 tons compared to the first quarter."
He added, "We will issue guidelines to enable measures such as extension of construction periods and adjustment of construction costs, and also consider support for emergency management stabilization funds for rebar purchases."
He also mentioned, "We will thoroughly crack down on hoarding through weekly joint inspections by related ministries."
Deputy Prime Minister Hong also mentioned plans to provide tax benefits for digital infrastructure and more. He said, "To revitalize private investment, we will provide tax and financial support for research and development (R&D) and facility investment in core strategic technologies such as semiconductors," adding, "We will review plans to ease corporate tax reduction requirements for returning companies and to newly include digital infrastructure in the New Deal Infrastructure Fund tax benefit targets."
He continued, "In the consumption sector, to boost consumption momentum, we will hold the second 'Korea Together Sale' of this year for two weeks from the 24th of this month to the 11th of next month," adding, "This year, about 2,870 large, medium, and small distribution companies, small and medium enterprises, and small business owners will participate, mainly through non-face-to-face and online channels."
He also announced policy plans related to the 'Han Georeum Model' introduced last year to mediate conflicts arising from industrial restructuring. Deputy Prime Minister Hong said, "In the first half of this year, we plan to select and promote two new projects for the Han Georeum Model: small parcel delivery using drones and robots, and online eyeglasses sales services."
The scope of priority vaccination for vaccines will be expanded to reduce the burden on companies. Deputy Prime Minister Hong said, "The target for priority COVID-19 vaccination for businesspeople traveling abroad will be expanded from those on business trips of less than three months to those on long-term business trips of 12 months or more."
Additionally, he announced plans including ▲consideration of a one-year grace period for the implementation of the consolidated internal accounting management system scheduled for introduction next year ▲consideration of allowing foreign employment in industries avoided by domestic workers ▲plans to exempt electric vehicle-exclusive maintenance companies from the obligation to equip inspection equipment for internal combustion engine vehicle maintenance through the revision of automobile maintenance business registration standards in August.
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