Oh Se-hoon Holds Emergency Economic Meeting... "Early Execution of Job Budget and Support for Small Business Owners"

Supply of 410,000 Jobs with 103 Billion Won Budget Increase
Restoring Trust in Overseas Investment... Establishment of Special Funds for Small Business Owners

On June 10, Seoul Mayor Oh Se-hoon stated, "Due to the recent political turmoil, uncertainty surrounding our economy and citizens' anxiety are greater than ever," and announced plans to strengthen support related to jobs and small business owners.

On the same day, Mayor Oh held an emergency economic meeting at Seoul City Hall to discuss economic measures related to the December 3 emergency martial law situation with major economic and business organizations. Attendees included representatives from the Seoul Regional Small and Medium Venture Business Administration, Seoul Regional Employment and Labor Office, European Chamber of Commerce in Korea, American Chamber of Commerce in Korea, Korea Chamber of Commerce and Industry, Korea Federation of Small and Medium Business, Hi Seoul Enterprise Association, World Economy Research Institute, Korea Federation of Micro Enterprise, Korea Franchise Association, and the National Federation of Franchise Owners.

Yonhap News

First, Mayor Oh expressed concern over the contraction of overseas investment and the impact of anxiety on the domestic economy following the emergency martial law. He diagnosed, "Global investment banks have issued negative forecasts for the Korean economy, and pressure on the exchange rate is intensifying. In particular, analyses continue to suggest that in the mid to long term, the real estate market and investment sentiment could be adversely affected. This anxiety is already significantly impacting Seoul, the economic capital of the Republic of Korea."

Mayor Oh announced plans to supply 410,000 jobs through a job budget increased by 103 billion won compared to this year. He emphasized, "To respond to the employment downturn, we will execute the job budget early. We will establish next year's plan promptly with effective employment policies reflecting Seoul's economic job and labor environment, so as not to miss the golden time for economic stabilization measures."

Measures to attract overseas investment and support small business owners were also introduced. Mayor Oh said, "We will actively utilize Seoul's economic infrastructure to promote investment opportunities and continuously identify difficulties in the financial sector." Regarding small business owners, he stated, "We will establish a long-term low-interest special fund and promote repayment deferral for up to six months."

Additionally, to revitalize traditional markets, special online discount stores and facility inspections and repairs will be promoted.

Mayor Oh concluded, "Seoul City will prioritize citizens' safety and the economy and spare no support. I hope everyone will come together to pool wisdom to overcome this crisis."