Trade Association "Actively Welcomes 50 Trillion Won Emergency Financial Measures... Efforts to Recover Real Economy"

[Asia Economy Reporter Hwang Yoon-joo] The Korea International Trade Association (KITA) has expressed its support for the "50 trillion won-scale extraordinary emergency financial measures" announced as a result of the Emergency Economic Meeting.

On the 19th, KITA stated, "We actively welcome the unprecedented support involving the government and all financial sectors to prevent the risk of bankruptcy for small and medium-sized enterprises (SMEs), small business owners, and self-employed individuals, who form the foundation of the ordinary people's economy, and to resolve financial instability."

A KITA official said, "The trade industry, which has been facing great difficulties in export activities due to recent entry restrictions imposed by countries around the world, hopes that this government's extraordinary financial support will serve as a stepping stone to overcome this unprecedented crisis," adding, "KITA will also spare no effort to minimize economic damage caused by the COVID-19 aftermath and to restore the real economy by actively cooperating with government ministries and related organizations."

Earlier, the Blue House held the first Emergency Economic Meeting this morning to respond to the novel coronavirus infection (COVID-19) and announced, "As the first measure to prevent the risk of bankruptcy for SMEs, small business owners, and self-employed individuals who are the foundation of the ordinary people's economy and to resolve financial instability, we have decided on extraordinary emergency financial measures amounting to 50 trillion won."

Accordingly, new emergency management funds for small business owners will be expanded to 12 trillion won, and special guarantee support worth 5.5 trillion won will be implemented for SMEs and small business owners. All financial sectors, including secondary financial institutions such as savings banks, insurance companies, and Saemaeul Geumgo, will extend loan principal maturities, and the government will also establish a full guarantee program for micro small business owners.

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