Gunsan Industrial Crisis Response Special Zone Extended for 2 Years... "Support for Revitalizing the Local Economy"
[Asia Economy Reporter Kim Bo-kyung] The designation period of Gunsan in Jeonbuk as a Special Industrial Crisis Response Area will be extended by two years.
The Ministry of Trade, Industry and Energy announced on the 11th that it has decided to extend the designation period of Gunsan as a Special Industrial Crisis Response Area until April 2022 for two years.
Gunsan was first designated as a Special Industrial Crisis Response Area in April 2018 due to the simultaneous downturn in the shipbuilding and automobile industries, caused by the suspension of operations at Gunsan Shipyard and the closure decision of the Korea GM Gunsan plant.
The Ministry of Trade, Industry and Energy decided to extend the designation after going through procedures such as on-site inspections, the Regional Industrial Crisis Deliberation Committee, and consultations with related ministries, following Jeollabuk-do's application for extension of Gunsan's designation.
The joint public-private on-site investigation team identified the local economic situation as experienced by subcontractors, small business owners, and local governments through on-site inspections in the Gunsan area.
The Regional Industrial Crisis Deliberation Committee recommended continuous government support to help Gunsan recover its industrial competitiveness and foster alternative industries such as electric vehicles.
Accordingly, the Ministry of Trade, Industry and Energy made the final decision to extend the designation period of Gunsan through the Industrial Competitiveness Enhancement Ministerial Meeting on the 10th.
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An official from the Ministry stated, "We will continue existing support such as financial assistance for subcontractors and small business owners to ensure the prompt recovery of local industries and revitalization of the local economy in Gunsan," adding, "Regarding additional support requested by the region, we plan to decide on support after consultations with related ministries on a project-by-project basis."
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