Gyeonggi Province Governor Transition Committee "Five Emergency Measures for Livelihood Economy Including Tax-Exempt Support for Farmers and Fishermen"

[Asia Economy (Suwon) = Reporter Lee Young-gyu] The Gyeonggi Province Governor Transition Committee has prepared and will immediately implement five urgent livelihood economic measures, including tax-free fuel and logistics cost support for farmers and fishermen.

On the 23rd, the Transition Committee held the '2nd Gyeonggi Province Emergency Economic Measures Meeting' chaired by Governor-elect Kim Dong-yeon and announced the establishment of five urgent livelihood support measures: ▲ tax-free fuel and logistics cost support for farmers and fishermen ▲ fertilizer price stabilization support ▲ export insurance support ▲ logistics cost support for export companies ▲ urging the introduction of a delivery price linkage system.

First, the Transition Committee will support 50% of the increase in tax-free fuel prices and part of the logistics costs for farmers and fishermen who are struggling due to rising oil prices. The budget amounts to approximately 14.19 billion KRW for agriculture and 1.14 billion KRW for fisheries, totaling about 15.33 billion KRW.

For farmers, 50% of the increase in tax-free fuel prices will be supported for four months from August to November, with an emergency budget of 4.6 billion KRW to be deployed. Tax-free fuel support (about 1 billion KRW) will be provided to fishing boat fishermen, and logistics costs for seafood processing companies (about 140 million KRW) will also be supported.

The Transition Committee will also supply funds to stabilize fertilizer prices for farmers struggling with rising fertilizer costs. It will support 80% of the increase in mineral fertilizer prices for farmers and fertilizer manufacturers in the province. The expected budget requirement is about 15 billion KRW.

Additionally, export insurance premiums totaling 1 billion KRW will be supported for about 400 small and medium-sized enterprises with export performance under 20 million USD (approximately 26 billion KRW) as of last year, which have been hit by rising oil prices. For 200 companies, logistics costs ranging from 2 million to 3 million KRW will be supported according to the scale of their logistics expenses.

The Transition Committee will continuously propose to companies and the government the introduction of a 'delivery price linkage system' that reflects the increase in raw material prices in delivery prices.

Baek Hyun-gi, head of the Transition Committee's Emergency Economic Response Task Force (TF), explained, "The five urgent measures are based on Governor-elect Kim Dong-yeon's determination that swift action is necessary for vulnerable groups severely affected by the economic crisis shockwaves," adding, "For measures requiring additional funds, we plan to promptly prepare supplementary budgets."