Automobile Companies Request Institutions to Provide Financial Support for Easier Electric Vehicle Transition

Daegu Chamber of Commerce Holds Economic Report Meeting

'Venture, Tax Support Requirement Relaxation'

On the 17th, the Daegu Chamber of Commerce and Industry held the '2023 First Half Economic Trend Report Meeting' at the chamber's main conference room in Sincheon-dong, Dong-gu, Daegu, attended by Yoon Jong-geon, head of the Daegu Regional Tax Office, Lee Jong-hwa, Deputy Mayor of Daegu for Economic Affairs, heads of corporate support organizations, and over 100 company representatives.

Daegu Chamber of Commerce and Industry.

At the meeting, the Daegu Chamber of Commerce and Industry reported on the 'Recent Economic Trends,' and the Daegu-Gyeongbuk branch of the Bank of Korea presented on the 'Financial Foreign Exchange Market Trends and Key Issues in Monetary Policy.'

During the meeting, various on-site voices from local companies regarding regional issues and institutional improvements were heard, and opinions on solutions were exchanged with related organizations.

Company A, which produces automobile parts, requested that "Daegu City take the lead in providing specialized funding in the 'eco-friendly vehicle sector' to ensure that the automobile parts industry, a pillar of the local manufacturing sector, can smoothly transition to an eco-friendly vehicle system such as electric vehicles."

Retailer B argued that "since the enforcement of the Distribution Industry Development Act in 2012, large marts and SSMs (Super Supermarkets) have been subject to operating hour restrictions from midnight to 10 a.m. However, with the rapid growth of online shopping over the past 10 years since the law's enactment, the original intent of the law has been undermined. To enhance customer convenience, the operating hour restrictions on large marts should be relaxed."

The Daegu-Gyeongbuk branch of the Venture Business Association requested that "the tax support requirements for the venture business certification system be relaxed from companies certified within 3 years after startup to those within 7 years," and also proposed "a postponement of the sunset clause on tax support benefits for venture-certified companies, as these benefits are nearing expiration due to the sunset policy."

Related organizations promised active support, including proposing legislative amendments to the central government through continuous feedback, and agreed to join forces with Daegu City and attending organizations, including the Daegu Chamber of Commerce and Industry.

Lee Jae-ha, chairman of the Daegu Chamber of Commerce and Industry, stated, "Geopolitical challenges such as the US-China conflict and the Russia-Ukraine war are causing difficulties throughout the business field," and predicted that "due to high inflation, high interest rates, sluggish housing market, and weakened private consumption, the regional economy will remain challenging in the second half of the year." He added, "To quickly find a path for economic recovery and growth, we will actively propose tailored support measures focused on fostering new industries and strengthening research and development capabilities, and concentrate all efforts with related organizations to revitalize the regional economy."