Ministry of Trade, Industry and Energy: "433 Cases of COVID-19 Impacted Business Difficulties Received... 199 Resolved"

[Asia Economy Reporter Kim Bo-kyung] The Ministry of Trade, Industry and Energy announced on the 24th that it received 433 cases of difficulties faced by companies due to the impact of the novel coronavirus infection (COVID-19) and resolved 199 of them.

The Ministry and related organizations are operating a support system as difficulties have arisen for domestic companies and companies operating in China due to the impact of COVID-19.

To respond to Japan's export regulations, the ▲'Materials and Components Supply Response Support Center,' established for this purpose, as well as ▲KOTRA's 'COVID-19 Emergency Response Team' and ▲the Korea International Trade Association's 'Export Difficulty Resolution Support Center' are supporting the resolution of various corporate difficulties.

As of the 21st, the Ministry of Trade, Industry and Energy received a total of 433 corporate difficulties and resolved 199 of them. For domestic companies, 196 cases were received and 113 resolved, while for companies operating in China, 237 cases were received and 86 resolved.

For companies experiencing disruptions in domestic production due to suspension of operations in China, the Ministry requests cooperation for rapid resumption of operations by utilizing local channels such as commercial attach?s and trade offices when necessary. Additionally, to expand domestic production of raw materials expected to face supply disruptions, the use of the special extended working hours system is being encouraged.

When domestic import-export companies raise difficulties due to lack of information on local logistics and customs clearance situations, information on export-import logistics such as inland transportation status within China, port, customs, and movement control status is provided through KOTRA and the Korea International Trade Association.

Rapid customs clearance is also supported so that companies can quickly secure Chinese imported raw materials arriving at domestic airports and ports.

Furthermore, to alleviate additional cost burdens such as inventory and storage yard fees caused by shipment delays, emergency management stabilization funds are being provided, and penalties for delayed shipment periods after export declaration are not being imposed.

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