Hong Nam-ki Announces First Economic Measures to Boost Investment and Consumption by the End of This Month (Update)

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance [Image source=Yonhap News]

[Asia Economy Reporters Kwangho Lee and Sehee Jang] Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki stated on the 19th regarding the novel coronavirus infection (COVID-19), "We will prepare and announce a comprehensive first-phase economic measure package by the end of this month to revitalize investment and consumption."

On the same day, Deputy Prime Minister Hong held an economic ministers' meeting on COVID-19 response and an economic revitalization measures meeting at the Export-Import Bank headquarters in Yeouido, Seoul, saying, "Recognizing this as an economic emergency situation, we are preparing measures by mobilizing all available policies."

Deputy Prime Minister Hong emphasized, "The COVID-19 situation is also affecting exports," adding, "We will provide emergency liquidity support to companies suffering from unpaid export payments, offer expedited customs and logistics support to companies facing difficulties in procuring raw and subsidiary materials, and prepare mid- to long-term export structural innovation plans including supplementing export marketing such as normalizing domestic exhibitions."

The export measures will be announced on the 20th after discussion and content supplementation on the same day.

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