Automobile Industry Association Holds Government Financial Support Briefing for COVID-19 Response
[Asia Economy Reporter Suyeon Woo] The Automobile Industry Federation announced on the 3rd that it will hold a government financial support briefing session to assist the automobile industry affected by the novel coronavirus infection (COVID-19).
'COVID-19 FAM (Finance Automobile Meeting)' is an event organized to introduce the government's financial programs effectively responding to the spread of COVID-19 and to encourage automobile companies to utilize them. In particular, six national financial institutions are invited to directly communicate and address the difficulties and suggestions of the companies.
The briefing session will be held at the Korea Automobile Manufacturers Association's main conference room. Starting with the Export-Import Bank of Korea at 3 PM on the 7th, the Industrial Bank of Korea will attend at 3 PM on the 9th. The Korea Development Bank, Korea Trade Insurance Corporation, Korea Technology Finance Corporation, and Korea Credit Guarantee Fund are currently coordinating their schedules.
Considering the urgent need for financial support, the federation plans to complete all briefing sessions by the 17th and encourage companies to actively utilize the financial support programs.
The Automobile Industry Federation is a coalition consisting of six organizations: Korea Automobile Manufacturers Association, Korea Automobile Industry Cooperative, Korea Automotive Technology Institute, Automotive Parts Industry Promotion Foundation, Korean Society of Automotive Engineers, and Hydrogen Convergence Alliance Promotion Group.
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Jung Manki, chairman of the Automobile Industry Federation, stated, "During the demand cliff caused by the global spread of COVID-19, resolving liquidity difficulties is most important for our companies to survive," and added, "This FAM event will be an opportunity for our automobile companies to accurately understand and actively utilize the government's 100 trillion won support for COVID-19 response."
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