Hong Nam-ki: "150,000 Private Sector Jobs to be Supplied in July... Swift Discovery of 5.8 Trillion Won Investment" (Update)

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] On the 11th, Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Strategy and Finance, announced, "Among the 55+a direct jobs, we will prepare guidelines to enable the implementation of 150,000 private sector jobs, including 50,000 youth digital jobs, 50,000 youth work experience jobs, and 50,000 small and medium-sized enterprise (SME) hiring subsidies, by July."

At the 6th Emergency Economic Central Countermeasures Headquarters meeting and Economic Ministers' meeting held at the Government Seoul Office Building that day, Deputy Prime Minister Hong stated, "The government has focused on providing fiscal jobs for vulnerable groups, but since sustainable quality jobs are fundamentally created through corporate investment, private sector job measures are essential."

He added, "We will accelerate the promotion of 100 trillion won investment projects, including public (60.5 trillion won), private (25 trillion won), and private capital (15.2 trillion won). In particular, we will promptly identify the remaining 5.8 trillion won of the 25 trillion won corporate private investment in the second half of the year." He further explained, "We will proceed with the execution of 5.2 trillion won in private capital projects and the discovery of new projects worth 10 trillion+a within the year."

Additionally, to strengthen the venture ecosystem through expanded venture investment, a plan to allow general holding companies limited ownership of corporate venture capital (CVC) will be prepared and announced in July.

The government also announced plans to establish a 2 trillion won+a asset purchase program centered on Korea Asset Management Corporation (KAMCO). Deputy Prime Minister Hong said, "We will establish price assessment standards to ensure corporate assets can be sold at appropriate prices in the market," and added, "We will support various acquisition methods such as direct purchase, holding followed by third-party sale, purchase followed by re-lease (S&LB), and purchase followed by granting acquisition rights."

Furthermore, he stated that the government will ease the rent burden on SMEs and small business owners struggling due to the novel coronavirus infection (COVID-19).

Deputy Prime Minister Hong said, "We will expand the reduction of state-owned property usage fees, which was limited to small business owners, to include SMEs, reducing rent from 5% to 3% of property value, a 40% discount, and in addition to existing fee reductions, we will support temporary payment deferrals for up to six months and reductions in overdue interest rates."

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