Emergency Economic Central Countermeasures Headquarters Meeting Held on the 5th
Fostering 3,000 Small Businesses Participating in the Subscription Economy by 2022
[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister for Economic Affairs and Minister of Strategy and Finance, announced on the 5th that "the extension of financial support measures such as the extension of debt maturities and interest payment deferrals in the financial sector, which are set to expire at the end of September, will be reviewed during September."
At the Emergency Economic Central Countermeasures Headquarters meeting held at the Government Seoul Office on the same day, Deputy Prime Minister Hong stated, "We plan to review support measures such as deferral of tax payments and social insurance premium payments in the second half of the year and announce them in August."
Deputy Prime Minister Hong also stated that efforts to support damage relief and sales recovery for small business owners and self-employed individuals will continue.
He said, "The global subscription economy market size reached approximately 530 billion USD last year, and the domestic market size grew to about 40 trillion KRW," adding, "We plan to support the nurturing and expansion of 3,000 small businesses participating in the subscription economy by 2022."
He emphasized, "We will present subscription economy model types such as the meal kit model and establish various dedicated vouchers like platform vouchers to support costs related to entering and selling in private shopping malls, logistics costs, and the development of subscription product packages."
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