"New Coronavirus, Minimizing Impact on Korean Economy"...Inspection of Chinese Export Companies

Ministry of Industry Holds TF and Inspection Team Meetings to Review Chinese Market Entry Companies and Domestic Industry Trends
Emergency Measures Including Export Support Discussed... Sung Yun-mo "Establishing Joint Response System"
KITA and KOTRA Maintain Continuous Communication with Industry to Support Resolution of Corporate Difficulties

Sung Yun-mo, Minister of Trade, Industry and Energy./Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kim Bo-kyung] The Ministry of Trade, Industry and Energy urgently inspected the situation of Korean companies operating in China and domestic industrial trends on the 28th to minimize the economic damage caused by the spread of the novel coronavirus infection (Wuhan pneumonia).

On the same day, the Ministry held consecutive meetings chaired by the Director General of the Planning and Coordination Office, including the internal task force (TF) for infectious disease response and the corporate situation inspection team led by the Director General of the Industrial Policy Bureau, to discuss the current situation and future response directions.

At the meeting, major economic organizations and associations shared the current status of their implemented measures such as independent response plans, repatriation of resident employees, and bans on business trips to Wuhan. They also requested the government to provide rapid information delivery and multifaceted support for export difficulties and business suspensions.

Earlier, Minister Sung Yun-mo of the Ministry of Trade, Industry and Energy stated at an emergency meeting of related ministers held that day, "Since industrial activities in China may contract, meticulous responses are necessary to minimize the impact on our economy," adding, "The government, related agencies, and relevant industries will establish a joint all-out response posture."

The Ministry activated an emergency system, including discussing export support measures for companies affected by the novel coronavirus through the 'Real Economy Team' established during the Middle East situation.

If the current situation prolongs, the Ministry plans to comprehensively inspect and analyze the impact on companies, including exports, and prepare support measures.

Additionally, to minimize the impact on the domestic industry, the Ministry will continuously operate the 'Corporate Situation Inspection Team' to maintain close communication with the industrial sector.

It will disseminate preventive guidelines and response instructions to affiliated organizations and major economic associations, check the status of domestic companies' business continuity plan establishment, and identify difficulties related to exports, investment, and production.

Related organizations such as KOTRA and the Korea International Trade Association (KITA) will support consultations on export difficulties and their resolution for Korean companies. KOTRA will establish a hotline between its headquarters and trade offices in China, utilize video consultation facilities to monitor local trends, and support export and difficulty consultations.

KITA plans to convert its 'Export Vitality Situation Room' into an 'Export Difficulty Resolution Support Center' to assist in resolving export difficulties related to the current situation.

The industry will prepare to activate business continuity plans established according to the infectious disease crisis management manual and strengthen readiness to immediately implement necessary measures such as local withdrawal and workplace closure if the situation worsens.

This content was produced with the assistance of AI translation services.