Innovation Growth Council Holds Emergency Forum on Economic Crisis Response Amid COVID-19 Spread

Discussion on Measures to Overcome the Economic Crisis for Small Business Owners and SMEs

Members of the Innovation Growth Council and others are taking a commemorative photo after adopting a joint declaration at an emergency discussion meeting addressing the economic crisis caused by the spread of the novel coronavirus. From the left: Kim Yoo-oh, Head of the Small Enterprise and Market Service; Cho Poong-yeon, President of the Korea SW·ICT Federation; Lee Sang-hyun, President of the Korean Institute of Information Scientists and Engineers; Noh Kyu-sung, Co-Chief Representative of the Innovation Growth Council (President of the Korea Productivity Center); Jung Man-ki, President of the Global Industrial Competitiveness Forum; Song Byung-sun, CEO of Korea Enterprise Data; Lee Joo-yeon, Former President of the Korean Big Data Service Society.

[Asia Economy Reporter Kim Cheol-hyun] Private organizations are also stepping up to overcome the economic crisis caused by the spread of COVID-19. The Innovation Growth Council, a private-led consultative body for national innovation growth, announced on the afternoon of the 13th that it held an "Emergency Forum on Economic Crisis Response Due to the Spread of the Novel Coronavirus" in a meeting room at the Korea Productivity Center.

The Innovation Growth Council is a private-led consultative body launched by over 50 institutions, academic societies, and associations to promote innovation growth based on future technologies. This forum was organized to discuss voluntary cooperation measures in the private sector to early block the crisis caused by the spread of the novel coronavirus and to help small business owners and SMEs overcome the economic crisis. The council decided to identify practical tasks for the private sector and cooperative tasks with government policies together with organizations such as the Small Enterprise and Market Service and to lead their implementation.

No Gyu-seong, Co-Chief Representative of the Innovation Growth Council (President of the Korea Productivity Center), stated, "As the spread of the novel coronavirus rapidly depresses domestic demand, many industries and regions are experiencing difficulties. To overcome this crisis, not only government policy responses but also voluntary participation and cooperation from the private sector are necessary." He added, "Council member companies will take the lead in efforts to expand demand and eliminate psychological anxiety, and we will strive to spread this crisis response movement to public institutions under local governments."

As practical tasks for the private sector, the council plans to immediately implement early execution of policy funds, reduction of cafeteria operations, and purchase of local currency to alleviate the economic difficulties of small business owners. Among the council member companies eligible for government subsidies, 70% of this year’s national budget will be spent early within the second quarter, and cafeteria operations will be shortened from five days to three days per week. Additionally, part of the welfare expenses of local public institutions will be paid in local currency to promote regional economic revitalization. The council member companies will take the lead in stimulating demand and spreading the crisis response movement to public institutions under local governments. Furthermore, the council has agreed to actively cooperate in providing professional and technical support necessary for implementing government policies to promote exports and stimulate domestic demand in preparation for the prolonged spread of the novel coronavirus.

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