Ministry of SMEs and Startups Conducts Field Inspection on Livelihoods Amid Spread of New Coronavirus

Visit to Smart Factory in Changwon... Listening to On-site Difficulties at Jinju Jungang Market

On the 3rd, Park Young-sun, Minister of SMEs and Startups, visited Taerim Industry located in Changwon, Gyeongnam, and had a conversation with CEO Oh Seung-han.

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups announced that Minister Park Young-sun visited the Gyeongnam region on the 3rd to inspect the sites of small and medium-sized enterprises (SMEs) and small business owners who are experiencing difficulties such as decreased sales and delays in parts procurement due to the novel coronavirus infection. Minister Park promised financial support including emergency fund loans and special guarantees, as well as a prompt government response.

On the morning of the same day, Minister Park visited Taerim Industry, a representative company utilizing manufacturing data in smart factories, toured the smart factory construction site, and held a meeting with local SME officials to listen to difficulties and suggestions arising from the spread of the novel coronavirus. Minister Park said, "The novel coronavirus has occurred in China, Korea's largest trading partner. We recognize the severe situation facing our economy, especially SMEs, and are preparing various countermeasures," adding, "just as Taerim Industry created a breakthrough in management by introducing a smart factory, if we all unite our efforts, we can overcome this crisis situation." Furthermore, Minister Park added, "We are constantly communicating with the field and closely monitoring the impact of this incident on SMEs and small business sectors. We will take all possible measures, including emergency fund loans and special guarantees, to minimize damage."

After visiting the smart factory, Minister Park visited Jinju Central Market to hear complaints related to the novel coronavirus from the merchants' association, small business owners, and local government officials. At this meeting, Minister Park stated, "Due to anxiety caused by the spread of the novel coronavirus, a decrease in tourists and restraint in outdoor activities have inevitably led to reduced consumption. As difficulties are expected in the business activities of small business owners in traditional markets and tourist sites, we are preparing various countermeasures to overcome the crisis."

The Ministry of SMEs and Startups is currently monitoring the on-site situation of self-employed and small business owners through 62 Small Business Support Centers and plans to identify damage status and difficulties through cooperation with related organizations such as associations. For small business owners engaged in food and lodging, daily life retail, tourism, and other sectors expected to be immediately affected, 20 billion KRW in business stabilization funds will be provided. Additionally, 100 billion KRW worth of special guarantees will be supplied through regional credit guarantee institutions with a 0.2% point reduction in guarantee fees.

The Ministry of SMEs and Startups announced plans to strengthen support, including expanding fund size and deferring principal and interest repayments, if damage expands due to the spread of the novel coronavirus. Also, to prevent the novel coronavirus, 300,000 masks will be distributed through 62 Small Business Support Centers and nationwide merchants' associations, and the merchants' associations will independently place hand sanitizers at market entrances and other locations.

Meanwhile, Minister Park also inspected the Jinju Central Commercial District, selected last May for the Commercial District Renaissance Project, and urged, "Since the Commercial District Renaissance Project supports the entire commercial district, I hope local governments and merchants will think broadly from the perspective of the whole commercial district rather than individual market interests and show active interest and effort."

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