Gyeonggi-do, Emergency Economic Lifeline for COVID-19... 2.4518 Trillion Won Injected

Kim Gyusik, Gyeonggi-do Economic Planning Officer, is announcing a support plan to escape the COVID-19 emergency economy at the Gyeonggi-do Northern Office in Uijeongbu on the 9th.

[Asia Economy (Uijeongbu) = Reporter Lee Young-gyu] Gyeonggi Province will invest a total of 2.4518 trillion won to overcome the economic crisis caused by the prolonged COVID-19 pandemic.

On the 9th, Gyeonggi Province announced the "Emergency Economic Measures to Minimize COVID-19 Damage," which includes investing a total of 2.4518 trillion won across six sectors: timely financial support, employment stability, small business support, SME export support, non-face-to-face platform establishment, and economic support system operation.

First, the province will invest 1.85 trillion won in small businesses and SMEs. In addition, the special COVID-19 management funds will be significantly expanded from the existing 200 billion won to 1.12 trillion won. Of this, 520 billion won will be allocated to SMEs and 400 billion won to small businesses. The 200 billion won was budgeted to actively respond to rapidly changing situations.

The scale of guarantee issuance through the Gyeonggi Credit Guarantee Foundation will also be expanded from 3.1 trillion won to 4 trillion won. On the other hand, the average guarantee issuance period will be shortened from 27 days to within 14 days.

The province will invest 59 billion won in the employment stability sector.

Gyeonggi Province will convert various manpower training projects, which were suspended due to COVID-19, to online formats and provide trainees with training allowances. For instructors facing financial difficulties, 30% of the training fees will be paid in advance.

Additionally, by securing 15 billion won in national funds, the province will provide up to 500,000 won per month for two months to workers on unpaid leave due to COVID-19, as well as to workers in employment blind spots such as private tutors and insurance planners.

The province will also allocate 536.8 billion won to support small businesses.

To revitalize the depressed local economy, including traditional markets and small businesses, the province has raised the regional currency issuance target from 800 billion won to 1.2567 trillion won and plans to increase the discount rate from 6% to 10% for four months until July to stimulate consumption.

Furthermore, to expand the social safety net for self-employed individuals, the province will support employment insurance premiums and Yellow Umbrella Mutual Aid subscriptions, and provide 26 billion won in special funds for extremely low-credit small businesses with credit ratings below grade 7.

The province will invest 4.8 billion won in SME export support.

As damages such as contract cancellations and unpaid export payments increase due to the global spread of infectious diseases, the province will implement an export insurance premium support project targeting 3,000 SMEs and also support U-turn companies that have returned to Korea.

For companies facing difficulties in face-to-face contact with local buyers due to overseas exhibition and business trip cancellations, the province plans to support online overseas marketing and non-face-to-face video consultation services.

In addition, 1 billion won has been allocated to support research activities of companies developing COVID-19 treatments, and 1.25 billion won to establish internet and non-face-to-face based online economic platforms.

Kim Gyu-sik, Director of Economic Planning at the province, emphasized, "We plan to operate economic support systems such as the COVID-19 Response Economic Task Force, Small Business and SME Countermeasures Headquarters, Integrated Export Difficulty Support Center, and Industrial Complex Support Cooperation System to discover and implement customized measures. We will strive to restore the livelihood economy through prompt and accurate countermeasures to be a pillar of support for residents suffering from COVID-19."

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