Gyeonggi Tourism Organization Provides 850 Billion Won Emergency Funding to Tourism Industry Affected by 'COVID-19'

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province will inject 850 billion KRW in emergency funds into the local tourism industry affected by the novel coronavirus infection (COVID-19).

Gyeonggi Province and the Gyeonggi Tourism Organization announced on the 16th that they have prepared a comprehensive support plan, including special financial support totaling 850 billion KRW, to stabilize the local tourism industry facing a crisis due to the COVID-19 outbreak.

The main measures prepared by the two organizations include ▲ a special guarantee system to support funds for the tourism industry affected by COVID-19 and an extension of the repayment period for loans from the Tourism Promotion Development Fund ▲ support for hygiene supplies such as masks and hand sanitizers to prevent and contain the spread of the novel coronavirus ▲ production and distribution of COVID-19 response manuals by industry ▲ proactive marketing support to revitalize the depressed Gyeonggi tourism industry after the situation ends.

This, according to the province, reflects the demands of the local tourism industry raised at the 'Gyeonggi Tourism Public-Private Joint Countermeasure Meeting' held on the 4th.

First, the two organizations will provide a total of 850 billion KRW through the Gyeonggi Credit Guarantee Foundation as special financial support for companies affected by COVID-19. This amount is more than twice the 363.8 billion KRW provided during the MERS outbreak. Interest subsidies will be provided through interest differential compensation, and principal repayments on existing loans will be deferred up to two times.

Gyeonggi Governor Lee Jae-myung previously requested Prime Minister Chung Sye-kyun, who visited Gyeonggi Province to inspect COVID-19 quarantine measures, to extend the repayment period for loans from the Tourism Promotion Development Fund implemented during the 2017 THAAD-related restrictions, as the repayment timing coincides with the COVID-19 crisis, increasing the burden on businesses.

Additionally, 50,000 masks and 2,000 hand sanitizers will be initially provided to about 700 tourism businesses in the province, with a second round of support to be considered depending on the virus spread trend.

In this first round of support, the two organizations prioritized small-scale industries and those with frequent face-to-face contact over large industries.

Along with this, industry-specific (travel agencies, campgrounds, amusement facilities, tourism accommodations) and facility-specific (festival event sites, international conference facilities) response manuals, which were highly requested by the industry, have been produced and distributed to enable quick action on-site. In particular, contact information for regional screening clinics and public health centers has been included to enhance cooperation in case of incidents.

Jang Young-geun, Director of the Culture, Sports and Tourism Bureau of the province, said, "Since February, the tourism service industry has suffered a significant blow due to the decrease in foreign tourists and the restraint of domestic outdoor activities," adding, "We will do our best to prepare various revitalization measures that can provide practical help to the depressed tourism industry."

Yoo Dong-gyu, President of the Gyeonggi Tourism Organization, added, "We will actively respond to crisis management by establishing a permanent cooperation system with 31 cities and counties in the future."

Meanwhile, the province plans to set up a preparatory task force (TF) at the Gyeonggi Tourism Organization to promote large-scale marketing with the private sector in preparation for an improvement in the situation.

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