Ministry of Trade, Industry and Energy Holds Emergency Meeting on COVID-19 Public Institutions... "Minimizing Regional Economic Damage"

The far right is Jeong Seung-il, Vice Minister of the Ministry of Trade, Industry and Energy. / Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Moon Chaeseok] The Ministry of Trade, Industry and Energy announced that it will hold an emergency countermeasure meeting with the heads of 40 public institutions to discuss ways to minimize the damage to the local economy caused by the novel coronavirus infection (COVID-19).

The Ministry said that on the 25th, from 2 p.m., Minister Sung Yun-mo will preside over an emergency countermeasure video conference for public institutions at the Korea Electric Power Corporation Nam Seoul Headquarters video conference room in Yeouido, Seoul.

At the meeting, the Ministry will share preemptive measures to prevent the spread among public institutions under its jurisdiction and check the implementation status of guidelines. It will seek ways for public institutions to contribute to minimizing the economic downturn in the regions where the institutions are located.

The Ministry urges strict compliance with government guidelines and active participation and support in government-level measures such as inspection of the operation status of national critical infrastructure.

National critical infrastructure refers to facilities and information technology systems and assets such as energy, information and communications, and healthcare, as defined in Article 3 of the Disaster and Safety Management Act. From the 24th to the 6th of next month, inspections will be conducted on 11 out of 48 national critical infrastructure sites under the Ministry’s jurisdiction.

Public institutions are focusing their capabilities on preventing COVID-19 from spreading in local communities in accordance with government guidelines. They support disinfection and quarantine for vulnerable groups such as children and social welfare facilities at each institution and provide infection prevention supplies.

They have decided to strengthen comprehensive efforts at the institutional level to minimize damage to the local economy through low-interest loans for COVID-19 affected companies and early execution of budgets related to the local economy.

For example, Korea Electric Power Corporation (KEPCO) supports low-interest loans for COVID-19 affected companies through its win-win growth fund. Korea Gas Corporation executes budgets related to the local economy, such as consumables, welfare expenses, and donations, ahead of schedule.

Institutions will prepare local economic revitalization plans to be implemented immediately once the COVID-19 situation enters a stabilization phase.

Additionally, institutions will execute the planned KRW 20.9 trillion investment for this year without delay to expand transmission and distribution facilities and information and communication technology (ICT) facilities. Of this, 54.1% (KRW 11.3 trillion) will be executed in the first half of the year.

Recruitment and conversion to regular positions will prioritize preventing the spread of COVID-19. If necessary, detailed schedules may be adjusted, but planned recruitment will proceed without disruption to contribute to local economic revitalization and job creation.

Minister Sung said, "It is necessary to unite national capabilities to overcome COVID-19," and added, "Public institutions should fulfill their responsibilities by aligning with the government's response direction and making efforts to prevent the spread of COVID-19 in local communities and minimize damage to the local economy."

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