"Full Effort for Rapid Support of the 2nd Supplementary Budget"
Selected 100 Key Rare Metal Companies for Financial and Tax Support
[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, announced on the 5th, "We will announce the plan to defer tax and social insurance premium payments for the second half of the year in August and review the extension of financial support such as debt maturity extension in 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 will review the extension of financial support measures, including the extension of debt maturity and interest repayment deferral set until the end of September, during September."
Deputy Prime Minister Hong analyzed, "In past outbreaks, all indicators such as small business sales and sentiment tended to contract simultaneously, but this time, thanks to the increase in online sales, the overall card sales indicators are still showing a favorable trend."
He emphasized, "Under the policy direction of minimizing shock, providing rapid support, and maximizing recovery, we will make every effort to thoroughly control quarantine measures and swiftly support the second supplementary budget (supplementary budget) during August and September."
Deputy Prime Minister Hong said, "The global market size of the subscription economy last year was about 530 billion dollars, and the domestic market size grew to about 40 trillion won," adding, "We plan to support the nurturing and expansion of 3,000 small businesses participating in the subscription economy by 2022."
He also stressed, "We will present subscription economy model types such as the meal kit model and establish various dedicated vouchers such as platform vouchers to support private shopping mall entry and sales costs, logistics costs, and subscription product package development."
Measures will also be taken to respond to ransomware damage, which encrypts victim data through hacking and demands money to decrypt it. Small and medium-sized enterprises with weak security capabilities will be supported with data backup, security, and antivirus solutions, and from next year, plans will be made for backup and recovery of major information and communication infrastructure.
Deputy Prime Minister Hong emphasized, "We will use artificial intelligence (AI) technology to detect and block malicious domains in real time and quickly distribute ransomware vaccines," adding, "We will actively support securing core technologies such as hacking source tracking technology and ransomware recovery technology."
Meanwhile, plans will be promoted to stabilize the supply of rare metals necessary for the growth of new industries such as lithium and rare earth elements. A package of support including finance, tax, and regulatory exemptions will be provided by selecting 100 core companies in rare metals. The goal is to expand the stockpiling days of 19 types of rare metals to an average of 100 days (up to 180 days for items with supply concerns).
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