Hong Nam-ki: "Preventing Economic Contraction in the Second Half Is an Urgent Task" (Update)

Establishment of National Bio Data Station Platform by Next Year
Temporary Financial Support Extension Also Under Review

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is delivering opening remarks at the '9th Emergency Economic Central Disaster and Safety Countermeasure Headquarters Meeting' held at the Government Seoul Office in Jongno-gu, Seoul on the 2nd. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said on the 2nd, "In the second half of the year, it is an urgent and critical task to ensure that the hard work of economic agents and the government's support efforts operate effectively on the ground to at least prevent negative growth."

Deputy Prime Minister Hong stated at the Emergency Economic Central Countermeasures Headquarters meeting held at the Government Seoul Office Building on the morning of the same day, "We are making every effort in economic quarantine, including crisis measures for each sector, three supplementary budgets, and a financial support package of 175 trillion won plus alpha."

He urged Japan, saying, "We call on the Japanese government to show a sincere attitude and present a progressive stance to withdraw export restrictions and resolve the issue."

He also expressed confidence that the strategy for the materials, parts, and equipment industry has yielded results. He emphasized, "As a result of the joint efforts of the public and private sectors over the past year, we have overcome regulations without production disruptions," and added, "We are intensively promoting competitiveness enhancement measures, even creating a special account for materials, parts, and equipment."

The government also announced plans to establish the 'National Bio Data Station' platform, which integrates, collects, and provides bio research data, by next year. Additionally, it plans to restructure 274 material resource banks operated by various ministries to create material clusters in 14 fields, including stem cells, brain, and microorganisms.

Furthermore, after the confirmation of the third supplementary budget, the government will promptly proceed with the establishment of new support programs for vulnerable industries and companies, and will also review whether to extend the temporary financial support measures introduced in response to the novel coronavirus infection (COVID-19).

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