Ministry of Economy and Finance Resumes 'Investment Support Caravan'... Visits Gwangju Home Appliance and Optical Communication Companies
[Asia Economy Reporter Joo Sang-don] The Ministry of Economy and Finance announced on the 14th that it will resume the Investment Support Caravan activities to check the difficulties faced by companies struggling due to the novel coronavirus infection (COVID-19) as social distancing measures transition to a more relaxed phase, and to prepare customized solutions.
On the same day, the Ministry visited home appliance and optical communication companies in the Gwangju Advanced Science National Industrial Complex. At this meeting, Company A expressed concerns about the possibility of contract cancellation because the export contract conditions require overseas buyers to conduct pre-shipment inspections domestically before shipment, but the buyers' trips to Korea have been delayed due to COVID-19. In response, a representative from the Korea Trade-Investment Promotion Agency (KOTRA) attending the caravan suggested sending an official letter to the relevant country to allow the pre-inspection to be conducted through internationally accredited inspection agencies recognized by that country.
Company B inquired about the possibility of receiving 'Employment Retention Support Funds (Employment Insurance Fund)' for dispatched workers undergoing self-quarantine overseas. The Ministry of Employment and Labor official stated, "Employment Retention Support Funds are operated for domestic workplaces, but if the dispatched workers are temporarily working overseas and are enrolled in the four major domestic insurances, support is possible," and added, "We will actively review the possibility of providing employment retention support funds to the company."
Company C, which received a rehabilitation plan approval decision in 2018, inquired about maintaining venture company certification and Inno-Biz certification. In response, the Korea Technology Finance Corporation provided consultation and guidance that companies with rehabilitation plan approval can apply for venture company certification and Inno-Biz certification.
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Going forward, the Investment Support Caravan plans to focus on checking the difficulties of small and micro enterprises that may be in policy blind spots after COVID-19 in 17 sectors including D.N.A (Data, Network, AI), BIG3 (future cars, system semiconductors, bio-health), and key industries. Additionally, it will actively identify on-site difficulties related to employment retention, operating funds, investment regulations, and exports through collaboration with the Innovation Growth Ombudsman, relevant ministries, and public institutions. At the same time, the identified difficulties will be resolved through the Investment Support Caravan, which visits sites jointly with relevant ministries more than twice a month, and by designating dedicated officers for each issue to ensure that the visits are not one-time but lead to final resolution of the difficulties.
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