Jung Sye-kyun: "Unprecedented Crisis... Won't Miss the Golden Time"

Prime Minister Jeong Sye-gyun Holds Meeting with Economic Organizations
Discusses Measures to Overcome Economic Crisis Related to COVID-19
Economic Leaders Propose Liquidity Supply and Flexible Working Hours
PM Jeong Hopes for Exemplary Economic Crisis Management Following Quarantine Success

Prime Minister Chung Sye-kyun is delivering opening remarks at the meeting of economic organizations to overcome COVID-19 held at the Korea Chamber of Commerce and Industry in Seoul on the 26th. Attending the meeting were Prime Minister Chung, Park Yong-man, Chairman of the Korea Chamber of Commerce and Industry, Kim Ki-moon, Chairman of the Korea Federation of Small and Medium Business, Sohn Kyung-shik, Chairman of the Korea Employers Federation, Kim Young-joo, Chairman of the Korea International Trade Association, and Kang Ho-gap, Chairman of the Korea Federation of Medium-sized Enterprises. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Moon Chaeseok] Prime Minister Chung Sye-kyun stated, "The economic situation is difficult due to the spread of the novel coronavirus infection (COVID-19), and it is by no means a situation to be optimistic about," adding, "To overcome this unprecedented crisis, speed and decisiveness are necessary, and the government will do its best to ensure that related policies are intensively promoted without missing the golden time so that companies' difficulties can be resolved in a timely manner."

On this day, Prime Minister Chung held a meeting with economic organizations at the Korea Chamber of Commerce and Industry on Sejong-daero, Seoul, and made these remarks. Attendees included Park Yong-man, Chairman of the Korea Chamber of Commerce and Industry; Kim Young-joo, Chairman of the Korea International Trade Association; Kim Ki-moon, Chairman of the Korea Federation of Small and Medium Business; Sohn Kyung-shik, Chairman of the Korea Employers Federation; Kang Ho-gap, Chairman of the Korea Federation of Medium-sized Enterprises; Jung Seung-il, Vice Minister of the Ministry of Trade, Industry and Energy; Lim Seo-jung, Vice Minister of the Ministry of Employment and Labor; Kang Sung-chun, Vice Minister of the Ministry of SMEs and Startups; Sohn Byung-doo, Vice Chairman of the Financial Services Commission; and Cha Young-hwan, Second Vice Minister of the Office for Government Policy Coordination.

Prime Minister Chung, who has spent a long time in the corporate sector, said, "I know well how difficult the current situation is," and diagnosed, "In the past, when domestic demand was weak, it could be compensated through exports, but now consumption, production, and trade activities in major global markets have frozen."

The heads of economic organizations attending the meeting requested rapid liquidity supply to companies, expansion of support such as employment retention subsidies, securing flexibility in working hours, and temporary full support for social insurance premiums for small business owners.

Vice ministers from each ministry explained the government's progress and future plans regarding the proposals. They also expressed their determination to do their best to support companies in overcoming difficulties and securing competitiveness.

Prime Minister Chung emphasized, "More than ever before, the government, the business community, and the people must unite to overcome the crisis," and added, "The government will do its best, so I hope companies will also make efforts together."

He continued, "I hope this will become a model case of overcoming the crisis not only in quarantine but also in the economy," saying, "I hope this will become a model case of overcoming the crisis in 'economy' following quarantine."

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