Government Discusses Support for Doosan Heavy Industries at the Ministerial Meeting on Strengthening Industrial Competitiveness

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is briefing on the results of the 1st Emergency Economic Meeting at the Government Seoul Office in Jongno-gu, Seoul on the 19th. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kim Hyunjung] The government discussed support measures for Doosan Heavy Industries, which is facing difficulties in liquidity procurement, on the 27th.

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, chaired the 22nd Ministerial Meeting on Industrial Competitiveness Enhancement at the Government Seoul Office, where they discussed the current status and challenges of major domestic industries due to the impact of the novel coronavirus disease (COVID-19). Attendees included the Minister of Trade, Industry and Energy, Minister of Employment and Labor, Director of the Office for Government Policy Coordination, Chairman of the Financial Services Commission, Governor of the Financial Supervisory Service, President of the Korea Development Bank, and President of the Export-Import Bank of Korea.

The participants shared the recognition that major industries are facing difficulties due to domestic demand slowdown and supply chain issues caused by the spread of COVID-19, as well as concerns over poor performance due to global demand contraction. They agreed to actively and promptly implement related measures to expand liquidity, ease corporate burdens, stimulate domestic demand, and boost export vitality.

In particular, the Korea Development Bank, the main creditor bank, reported on the related situation of Doosan Heavy Industries, which is experiencing difficulties in financing due to liquidity disruptions in domestic and international capital markets caused by the impact of COVID-19.

Following the meeting, the government reportedly finalized a decision to lend 1 trillion won to Doosan Heavy Industries through the Korea Development Bank and the Export-Import Bank of Korea. The Ministry of Trade, Industry and Energy is said to have emphasized the position of Doosan Heavy Industries in the energy security and renewable energy sectors and the necessity of financial support during the meeting. The Korea Development Bank and the Export-Import Bank of Korea are expected to hold their credit approval committees as early as today to process the support measures for Doosan Heavy Industries.

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