Hong Nam-ki: "20% Rent Reduction for Airport Duty-Free Shops of Large and Medium-Sized Enterprises" (Update)
March Export Performance: Increased Operating Days and Semiconductor Resilience... Export Shock Has Not Fully Materialized Yet
[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said on the 1st, "We will raise the rent reduction rate for small and medium-sized enterprises and small business owners operating duty-free shops at airports from 25% to 50%, and also provide a new 20% rent reduction for up to six months for large and medium-sized enterprises."
On the same day, Deputy Prime Minister Hong held an economic ministers' meeting on COVID-19 response and a crisis management meeting at the Government Seoul Office, stating, "We have included several small but helpful support measures focused on resolving urgent issues raised on the ground." He also emphasized, "In the case of the telecommunications and broadcasting industries, we will reduce communication fees for one month for small business owners who have suffered economic damage."
He also announced measures for the film industry. Deputy Prime Minister Hong explained, "To alleviate the burden on the industry whose sales have sharply declined, we will temporarily reduce the film development fund levy included in movie ticket prices retroactively from February," adding, "We will also officially begin supporting marketing for films whose releases have been postponed or canceled, along with providing vocational training allowances for film industry workers."
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Regarding the export performance to be announced on the day, Deputy Prime Minister Hong said, "Due to an increase of 1.5 working days in March and the solid performance of semiconductor exports, it is expected that a sharp export shock has not yet fully materialized compared to the global economy and trade situation." He added, "We will continue to make policy efforts to remove obstacles for export companies and prevent the weakening of the global value chain."
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