Gwangju City Forms and Operates 'Gwangju Emergency Economic Countermeasures Meeting'

Gwangju City Hall

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City is launching the 'Gwangju Emergency Economic Countermeasures Meeting,' the first among local governments, to overcome the unprecedented emergency economic situation caused by COVID-19.

On the 22nd, Gwangju City announced that as the COVID-19 crisis prolongs, citizens' daily lives are collapsing and the local economy is falling into a severe crisis, making it difficult to overcome with administrative efforts alone. Therefore, it will form and operate the Gwangju Emergency Economic Countermeasures Meeting, where major economic stakeholders discuss and decide on response measures together.

The Gwangju Emergency Economic Countermeasures Meeting will serve as a practical control tower for local economic measures by diagnosing the current crisis situation to revitalize the local economy and preparing various crisis recovery measures to overcome it.

The first meeting of the Gwangju Emergency Economic Countermeasures Meeting will be held at 10 a.m. on the 23rd in the city hall's medium conference room.

Presided over by Mayor Lee Yong-seop of Gwangju Metropolitan City, the meeting will include representatives from related organizations such as the Gwangju Regional Employment and Labor Office, Gwangju-Jeonnam Regional Small and Medium Venture Business Administration, Gwangju-Jeonnam KOTRA Support Group, Korea International Trade Association Gwangju-Jeonnam Regional Headquarters, economic organizations such as the Gwangju Chamber of Commerce and Industry and the Gwangju Employers Federation, the two major labor unions, financial institutions including the Bank of Korea and Gwangju Bank, and five district mayors, totaling 26 institutional representatives.

At this meeting, they plan to discuss emergency economic measures to revitalize the local economy, including livelihood support plans for the unemployed and low-income households suffering from COVID-19.

Additionally, Gwangju City decided to form a working-level emergency economic countermeasures meeting chaired by the Vice Mayor for Cultural Economy to support the efficient operation of the Emergency Economic Countermeasures Meeting. Participants will include the heads of the Planning and Coordination Office and the Job Economy Office, deputy district mayors of the five autonomous districts, the director of the Gwangju Economic Employment Promotion Agency, and the chairman of the Gwangju Credit Guarantee Foundation.

The 'COVID-19 Related Local Economic Countermeasures Situation Room,' operated by the Gwangju Job Economy Office since the 3rd of last month, will also be incorporated into the Gwangju Emergency Economic Countermeasures Meeting to provide support.

Mayor Lee Yong-seop said, "To respond efficiently to the unprecedented local economic crisis caused by COVID-19, it is urgently necessary to establish an all-out collaborative system involving local governments, government agencies, labor, financial institutions, and economic-related organizations." He added, "The Gwangju Emergency Economic Countermeasures Meeting will play a leading role in early revitalization of the local economy and stabilization of people's livelihoods by gathering all available local resources and capabilities."

Meanwhile, Gwangju City is making every effort to overcome the local economic crisis. On the 15th, as the first countermeasure, it announced a '3 No' policy?no collateral, no interest, no guarantee fees?to support small business owners affected by COVID-19. On the 19th, as the second countermeasure, it announced and began implementing three major livelihood stabilization measures, including a blanket freeze on public utility charges benefiting the majority of citizens.

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