Hong Nam-ki: "Must Guard Against Excessive Economic Activity Contraction... Full Effort on Preemptive Response" (Update)

"Let's Respond Together by Combining the Strength and Wisdom of the People, Businesses, and Government"

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said on the 7th, "It is more important than anything else to take the current situation seriously, maintain vigilance, and prepare and respond proactively to the economic ripple effects," but also added, "It is necessary to be cautious about economic activities of economic agents being excessively restrained due to excessive fear and anxiety."

On the morning of the same day, at a meeting with business leaders regarding the novel coronavirus infection (Wuhan pneumonia) held at the Korea Chamber of Commerce and Industry building in Jung-gu, Seoul, Deputy Prime Minister Hong stated, "We will devise the maximum possible government support measures, including factory operations and export support for large, medium, and small enterprises, measures to revitalize domestic demand including the tourism industry, and measures to alleviate management difficulties."

He continued, "At times like this, it is important for the people, businesses, and government to unite their strength and wisdom to respond together," and expressed, "I believe that our people will surely overcome this wisely once again."

He also said, "Some say this is a showy gesture, but I arranged this meeting with a desperate heart," and added, "I hope you deeply appreciate the sincerity of communication."

Meanwhile, at the end of his opening remarks, Deputy Prime Minister Hong also mentioned efforts to communicate with businesses. He urged, "Please actively share opinions and difficulties from related industries and do not hesitate to propose areas where government support is needed," and requested, "I ask for your cooperation to revitalize the overall economy."

At the meeting, Park Yong-man, Chairman of the Korea Chamber of Commerce and Industry, along with Gong Young-woon, President of Hyundai Motor Company, Hwang Gak-gyu, Vice Chairman of Lotte, Park Geun-hee, Vice Chairman of CJ, and Seo Jung-jin, Chairman of Celltrion, attended and conveyed industry requests and difficulties. From the Ministry of Economy and Finance, Deputy Minister Bang Ki-seon and Director General of Economic Policy Lee Ok-won were present.

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