Global Tax Free "Expecting Recovery of Foreign Tourists After COVID-19"

[Asia Economy Reporter Yoo Hyun-seok] Global Tax Free, the No.1 tax refund company in Korea, announced on the 10th that it expects to benefit from the increase in foreign tourists visiting Korea, riding the wave of the new Korean Wave and the anticipation of the lifting of the Hanhanryeong after the resolution of the COVID-19 pandemic.

On the 1st, Chinese Ambassador Xing Haiming stated in an interview with a media outlet that relations between the two countries would rapidly improve after President Xi Jinping's visit to Korea this year. Additionally, the Chinese Embassy announced that among passengers traveling between Korea and China over the past four months since February, no COVID-19 cases have been confirmed, and if the current situation of no confirmed COVID-19 cases between Korea and China is maintained, flight frequency between the two countries can be increased starting next month.

Currently, while COVID-19 has spread into a pandemic causing panic worldwide, Korea is recognized as a model country for COVID-19 due to its proactive quarantine measures and early response. Compared to other countries, Korea's image as a safe country, along with the growth of the Korean Wave market worldwide beyond ASEAN, leads the company to expect a rapid recovery of foreign tourists visiting Korea after the pandemic.

Kang Jin-won, CEO of GTF, said, “Although these are difficult times, we are focusing on thorough cost management and expanding market share within the industry in preparation for the post-COVID-19 situation.” He added, “Along with minimizing losses, we are concentrating company-wide efforts on exploring new revenue businesses utilizing cash liquidity of around 80 billion KRW.”

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