Chungnam, Comprehensive Measures for Regional Revitalization Amid the 'COVID-19' Crisis
[Asia Economy (Naepo) Reporter Jeong Il-woong] Chungnam Province is preparing and implementing a comprehensive plan to revitalize the local economy, which has been contracted due to the novel coronavirus (COVID-19).
According to the province on the 14th, a meeting of the Export Crisis Overcoming Council was held at the Chungnam Economic Promotion Agency, bringing together local export-related organizations and export company officials to discuss countermeasures.
At the meeting, the province anticipated that if the COVID-19 situation prolongs, damage to export companies within the province would be inevitable. Therefore, it focused on maintaining a cooperative system with cities, counties, and related organizations to monitor the status of affected companies and seek countermeasures.
The meeting addressed issues such as analysis of damage cases at export sites, reconsideration of export support projects planned for China, discovery of new markets outside the Greater China region, and support for companies facing financial difficulties.
The province plans to hold the council meetings regularly until the COVID-19 situation is resolved.
In addition, the province recently decided to inject 662.4 billion KRW in management stabilization funds in the first half of the year to minimize damage to local small and medium-sized enterprises (SMEs) and small business owners.
This early injection of management stabilization funds reflects the worsening difficulties faced by small business owners in traditional markets and small to medium-sized marts due to the spread of anxiety within the region caused by COVID-19.
The total management stabilization funds to be provided to small business owners and micro-merchants this year amount to 550 billion KRW, of which 375 billion KRW will be disbursed early in the first half, and an additional 43 billion KRW will be raised to support low-interest loans and special guarantees.
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Furthermore, for SMEs, the total management stabilization funds amount to 310 billion KRW, with 201.5 billion KRW to be disbursed early in the first half, and an additional 60.9 billion KRW to be raised to support companies with loans ranging from 200 million KRW to 1 billion KRW per company, according to the province's plan.
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