Jeonnam Province Urges Designation of Yeosu as a Preemptive Industrial Crisis Response Area

On-site Inspection by the Ministry of Trade, Industry and Energy Team
Emphasis on Economic Downturn and Deteriorating Business Environment

On the 24th, Jeollanam-do held an on-site inspection and a meeting with industry officials from the Ministry of Trade, Industry and Energy in Yeosu, exchanging comprehensive opinions on the crisis facing the local petrochemical industry. Provided by Jeonnam Province

On the 24th, Jeollanam-do strongly requested active support and cooperation from the government to overcome the crisis in the petrochemical industry during an on-site inspection for the designation of a Preemptive Industrial Crisis Response Zone, held in Yeosu by the Ministry of Trade, Industry and Energy and related organizations.

This on-site inspection was attended by officials from central government agencies, including the Regional Economic Policy Officer of the Ministry of Trade, Industry and Energy, as well as the inspection team. The team inspected the Yeosu National Industrial Complex and listened to the voices from the field through a meeting with local businesses.

Afterwards, at Yeosu City Hall, a comprehensive report on the crisis situation and a Q&A session were held with local governments and related organizations to thoroughly examine the realities and difficulties faced by the Yeosu petrochemical industry.

Jeollanam-do emphasized that the Yeosu petrochemical industry is facing a severe crisis due to the recent global economic downturn, shifts in industrial paradigms, and strengthened carbon neutrality policies. The province stressed the urgent need for active government support, noting that the regional economy and employment environment are being significantly affected.

Last November, Jeollanam-do established the "Plan to Strengthen the Competitiveness of the Yeosu Petrochemical Industry" as a master plan for crisis response. In January, the "Petrochemical Industry Crisis Response Task Force" was newly established under the direct control of the governor to operate a comprehensive support system. Additionally, an emergency reserve fund of 3 billion KRW has been allocated to actively support small and medium-sized enterprises and workers for employment and livelihood stability.

So Youngho, Director of Strategic Industries at Jeollanam-do, emphasized, "Through this inspection, we hope the realities of the region will be thoroughly examined and that Yeosu will be actively considered for designation as a Preemptive Industrial Crisis Response Zone."