Kim Yong-beom, Deputy Minister of Economy and Finance, "Will Discover Additional Private Investment Projects Worth 3.8 Trillion Won"

Kim Yong-beom, Deputy Minister of the Ministry of Economy and Finance, is announcing the main points through a briefing on the results of the '6th Emergency Economic Central Countermeasures Headquarters Meeting' held at the Government Seoul Office Building on the 11th.

[Asia Economy Reporter Joo Sang-don] Kim Yong-beom, the 1st Vice Minister of the Ministry of Economy and Finance, stated on the 11th, "In addition to this year's target of 15.2 trillion won for private investment projects, we will discover additional new projects worth 3.8 trillion won through the Private Investment Activation Promotion Council and others."

At the 6th regular briefing of the Economic Central Disaster and Safety Countermeasure Headquarters held at the Government Seoul Office on the same day, Vice Minister Kim said, "We will accelerate the 100 trillion won investment project involving private, private investment, and public sectors to promote the expansion of private employment."

Vice Minister Kim emphasized, "For private investment, we will promptly discover projects worth the remaining 5.8 trillion won out of the 25 trillion won discovery target this year through investment support caravans, etc. We will also ensure the achievement of this year's investment target of 60.5 trillion won by advancing the execution of 1.5 trillion won in public institution investments in the third quarter."

The government plans to also revitalize ventures and startups, which have a significant job creation effect. To this end, it will newly establish a preferential guarantee for innovative small and medium enterprises related to non-face-to-face and digital infrastructure worth 1 trillion won at the Korea Technology Finance Corporation, and concentrate more than 2.1 trillion won of venture funds in promising post-COVID-19 sectors. It will also focus support on infrastructure, research and development (R&D), and commercialization. Additionally, the plan to allow general holding companies to hold corporate venture capital (CVC) in a limited manner will be prepared by July through consultations with related ministries.

Regulatory improvements that hinder free private investment and management activities will also be continuously pursued. First, through this meeting, nine field difficulties were identified and improved, including shortening the business registration certificate issuance period (from 3 days to 2 days), temporarily relaxing the chef experience requirement related to the designation of tourist restaurants (from 3 years to 2 years or more), and temporarily reducing the alternative forest resource creation fee by 50% from 2021 to 2024 for developers installing parks and sports facilities.

Along with this, the government, centered on the Korea Asset Management Corporation (KAMCO), will prepare a 2 trillion won + α asset purchase program to proactively expand the demand base in areas where asset sale market formation is difficult. It will establish price calculation standards to ensure corporate assets can be sold at appropriate prices in the market and support various acquisition methods such as direct purchase and resale to third parties after holding, sale and leaseback (S&LB), and purchase with acquisition rights granted afterward.

Vice Minister Kim said, "The meeting participants agreed that some positive changes are appearing, such as signs of a rebound in the previously sluggish domestic demand and a slight easing of the employment decline, and that the recent export slump is likely to gradually improve along with the economic recovery of major trading partners. We will continue to swiftly implement the key policy tasks announced through the economic policy direction for the second half of the year to achieve a rapid economic rebound that serves as a global model."

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