Deputy Prime Minister Choi Sang-mok: "Efforts Needed to Prevent Damage Spread from Tmon and Wemakeprice"

Conducting Level 1 Executive Meeting via Video Connection
Instructions for Second Half Economic and Real Estate Response

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok held a 'Level 1 Executive Meeting' via video connection with Seoul and Sejong on the 24th (local time) in Rio de Janeiro, Brazil, where he attended the G20 Finance Ministers' Meeting. While ordering the reinforcement and expansion of construction investment to aid economic recovery, he instructed to monitor the unsettled payment situation of Timon and Wemakeprice to prevent consumer damage.

Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, who visited Brazil to attend the G20 Finance Ministers and Central Bank Governors Meeting, is presiding over a first-level executive meeting via video conference between Brazil and Korea (Seoul, Sejong) on the 24th (local time), reviewing recent economic issues. /

Deputy Minister Choi urged, "As shown in the preliminary GDP figures for the second quarter announced today, although our economy continues to recover centered on exports, the warmth has not yet spread throughout the entire economy, so the Ministry of Economy and Finance must strengthen its policy efforts."

In particular, he ordered, "Quickly proceed with the task of reinforcing construction investment, including an additional 15 trillion won in public sector investment and loans in the second half of the year, and swiftly prepare and announce next month measures to support employment in the construction industry." To resolve on-site investment difficulties of regions and companies, he also demanded, "Immediately activate the investment express in the second half of the year and focus on revitalizing investment through the prompt re-legislation of the temporary investment tax credit."

He also instructed, "The Fair Trade Commission, Financial Services Commission, Financial Supervisory Service, and related ministries and agencies should jointly and closely monitor the unsettled payment situation and trends of Timon and Wemakeprice." He urged efforts to protect consumers and prevent the spread of damage to sellers.

Deputy Minister Choi also ordered, "Closely monitor real estate market trends, including apartment prices in the Seoul metropolitan area, and make efforts to solidly prepare the 'Additional Housing Supply Expansion Plan,' scheduled to be announced next month, considering market concerns mainly through vice minister-level meetings of related ministries."

He continued, "After the announcement of the '2024 Tax Reform Bill,' ensure smooth follow-up measures such as legislative notification, and for smooth future legislation, thoroughly explain the government proposal to economic organizations, stakeholders, and the National Assembly."