Busan City Holds Emergency Economic Measures Meeting Amid Collapsed Domestic Economy...
[Asia Economy Yeongnam Reporting Headquarters Reporter Kang Sharon] Busan City announced on the 1st that it held an emergency economic countermeasure meeting to discuss measures to revitalize the economy in order to recover the domestic market, which has been contracted due to the novel coronavirus infection (COVID-19).
The meeting, chaired by Deputy Mayor for Economic Affairs Park Sang-hoon, was prepared to respond to the changed economic situation when transitioning to a social distancing (living quarantine) system.
The countermeasures consist of 18 detailed tasks in four major areas: investment activation, consumption promotion, tourism and MICE activation, and public job support.
To activate investment, the city plans to raise the rapid execution rate of fiscal spending in the first half of the year to 63.1% through swift ordering of public construction projects, supplying liquidity of 7.4 trillion won in the first half alone.
The city will encourage investment execution in private projects such as the Mandeok?Centum deep tunnel and will also strive to discover additional large-scale construction projects and attract returning companies to Busan.
To promote consumption, a public mobile market platform linked with the local currency Dongbaekjeon will be introduced, establishing a new virtuous cycle model that leads to activation of local currency, local businesses, and the local economy.
Due to the surge in non-face-to-face consumption, support for online marketing and commerce will be provided to small business owners and traditional markets, and offline consumption activation such as Traditional Market Day and direct transaction markets will also be promoted.
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As for job measures, the government’s planned Hope Work Project will be implemented according to local conditions, a new senior living quarantine task force will be operated, and to activate tourism and MICE, which have suffered the greatest damage, measures such as accommodation fee discounts and summer vacation promotional activities will be carried out.
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