Minister of Industry: "Strengthen quarantine measures to prevent any production disruptions"

Ministry of Industry Holds 'Emergency Real Economy Inspection Video Conference in Response to COVID-19 Spread'
Sung Yun-mo: "No Economy Without Quarantine"... Prioritizing Strengthened Quarantine Measures
Urgent Situation Check by Industry and Discovery of Additional Support Policies
"Consulting Financial Authorities on Bank Loan Maturity Extensions and Interest Payment Deferrals"

Sung Yoon-mo, Minister of Trade, Industry and Energy. / Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Moon Chaeseok] "Under the recognition that 'there is no economy without quarantine,' we will prioritize strengthening quarantine measures at industrial sites. We will establish a proactive and rigorous quarantine system to ensure that not a single production disruption occurs."

On the 26th, Sung Yun-mo, Minister of Trade, Industry and Energy, presided over a video conference titled 'Emergency Real Economy Inspection in Response to the Spread of the Novel Coronavirus Infection (COVID-19)' and made these remarks.

The meeting was attended by Minister Sung, representatives from major industry associations, and officials from the Korea Industrial Complex Corporation.

Minister Sung urged thorough quarantine at industrial sites, checked the progress of existing support measures, identified areas for improvement, and emphasized continuous future investment to overcome the crisis.

The government will strengthen quarantine support centered on industrial complexes and support the dissemination of industry-specific infectious disease response plans (BCP).

In the upcoming fourth quarter, guidelines for each industry such as manufacturing, IT services, and distribution will be specified and distributed.

Minister Sung stated, "Together with relevant ministries, we will do our best to support the coexistence of quarantine and corporate activities, including promoting telecommuting and remote work for small and medium-sized enterprises and mid-sized companies."

They will review the effectiveness of existing measures such as financial and fiscal support and export revitalization plans and consult with relevant ministries on additional support policies.

Measures such as the extension of bank loan maturities and interest repayment deferrals, scheduled to end at the end of next month, will be actively discussed with financial authorities to be reasonably supplemented reflecting corporate demand.

They will collaborate with relevant ministries to ensure the prompt execution of the support program for partner companies under the Industrial Stability Fund.

New financial support programs for key manufacturing industries such as machinery and aircraft parts will also be actively prepared. These will be operated alongside the 2 trillion won scale special mutual guarantee program for automotive parts.

They will conduct focused inspections of industry-specific difficulties related to corporate liquidity and job retention in cooperation with industry associations.

Through the Comprehensive Support Center for Businesspeople’s Entry and Exit, which has been operating since the 14th, they will systematically support rapid entry and exit of businesspeople and the use of charter flights.

Efforts will also be made to strengthen future growth momentum. Investments will be induced through the Korean New Deal, and new industries will be fostered through the Semiconductor Design Support Center, Bio Process Workforce Training Center, and others.

Minister Sung said, "We will devote all efforts to technology development and infrastructure construction for nurturing the big three new industries: system semiconductors, biohealth, and future cars," adding, "We will actively play the role of a catalyst for private investment through the Korean New Deal, including the Green New Deal and Digital New Deal."

The Ministry of Trade, Industry and Energy plans to focus its policy capabilities on quarantine inspections at industrial sites, minimizing production and workforce disruptions, and supporting quarantine in industrial complexes, centered on the 'COVID-19 Emergency Response Task Force (TF).'

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