Sung Yun-mo "Strengthening Consultations with Chinese Local Governments... Timely Support for Corporate Funding"

Sung Yoon-mo, Minister of Trade, Industry and Energy, is giving a speech at the export situation review meeting held on the 3rd at the Korea Trade Insurance Corporation in Jung-gu, Seoul. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kim Bo-kyung] The government plans to strengthen consultations with local Chinese governments to operate factories in China and support timely provision of necessary funds to companies.

On the 11th, Sung Yun-mo, Minister of Trade, Industry and Energy, met with industries severely impacted by the novel coronavirus infection (Wuhan pneumonia) at the Government Seoul Office to hear their requests to the government.

At the meeting, the government explained its support measures and system to resolve corporate difficulties to minimize the economic impact caused by the novel coronavirus and reviewed the operational status.

The Ministry of Trade, Industry and Energy intends to coordinate with three dedicated complaint-handling agencies?the Korea Trade-Investment Promotion Agency (KOTRA), the Materials and Components Supply Response Support Center, and the Korea International Trade Association?to resolve corporate difficulties. Currently, these three agencies have received about 337 complaints and resolved 85 cases. The remaining 252 cases are being actively supported in close cooperation with related organizations.

Industry representatives requested government-level diplomatic support to resolve uncertainties such as the resumption of operations by local subsidiaries, as well as support for production activities including funding and deregulation.

In response, the Ministry announced that as of the 10th, some local factories have partially resumed operations, and it will strengthen consultations with local governments to ensure that operations in other regions are approved promptly. It will actively coordinate with related agencies to ensure that necessary funds, such as facility investment funds and special guarantees, are provided in a timely manner.

Regarding special extended work permits, many applicant companies have already received approval, and the ministry will cooperate across departments to expedite the review of remaining applications.

Minister Sung stated, "During the Japanese export regulation measures, close public-private cooperation and active response led to significant progress in stabilizing the supply of the three major export-restricted items and securing independent technology."

He added, "If companies and the government unite and respond together to this crisis, we can surely overcome it wisely. Moving forward, through global supply chain diagnostics, we will enable our industry to respond more flexibly to external risks."

Minister Sung also said, "We will continue to communicate regularly with the industry and hold meetings to check the situation to resolve immediate difficulties. I urge the industry to promptly submit any necessary requests to the government without delay."

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