Hong Nam-ki "One-Year Temporary Permission for Non-Stop International Tourist Flights... $600 Duty-Free" (Comprehensive)

Economic Central Disaster and Safety Countermeasures Headquarters and Korean New Deal Related Ministers' Meeting

Same Duty-Free Benefits Granted to Passengers of 'Non-Stop International Tourist Flights' as General Travelers
1.6 Trillion Won Investment Next Year in 8 Promising Non-Face-to-Face Sectors Including Finance and Healthcare
Discover 1,000 Non-Face-to-Face Startups by 2025 and Provide Focused R&D Support
'Next Year’s Economic Policy Direction' to be Announced in Mid-Next Month

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is delivering opening remarks while presiding over the "5th Korean New Deal Ministerial Meeting and the 20th Central Emergency Economic Countermeasures Headquarters Meeting" held on the 19th at the Government Seoul Office in Gwanghwamun, Seoul.

[Sejong=Asia Economy Reporters Kwangho Lee and Sangdon Joo] The government has decided to introduce 'non-stop international tourist flights' to support the aviation industry, which has been struggling due to the prolonged suspension of international flights. Passengers on non-stop international tourist flights will be granted the same duty-free benefits as general travelers.

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, chaired the '20th Emergency Economic Central Countermeasures Headquarters (Economic Central Headquarters) Meeting and the 5th Korean New Deal Ministerial Meeting' at the Government Seoul Office on the 19th, where he announced the 'Plan to Promote Non-Stop International Tourist Flights' containing these details.

Deputy Prime Minister Hong said, "To support the aviation industry and stimulate consumer sentiment, we will introduce a new form of tourism called non-stop international tourist flights. We will temporarily allow international flights without entry or exit to other countries for one year, exempt passengers from quarantine and diagnostic tests after arrival under strict quarantine and prevention management, and grant the same duty-free benefits as general travelers," he explained.

Users of non-stop international tourist flights will be granted the same traveler duty-free benefits, including a basic allowance of $600, one bottle of alcohol (1 liter, within $400), 200 cigarettes, and 60 ml of perfume. To strengthen quarantine and prevention, the government will also implement measures such as advance online ticketing, group check-in, social distancing arrangements at boarding and disembarking gates, and restrictions on limousine bus usage.

Deputy Prime Minister Hong stated, "We will complete the preparation procedures by the end of this month through close consultations among related ministries and the industry to ensure that non-stop tourist flight products are launched promptly. Six airlines including Korean Air, Asiana Airlines, Jeju Air, Jin Air, T'way Air, and Air Busan are currently preparing," he said.

The meeting also discussed measures to revitalize the non-face-to-face economy. This is based on the judgment that the non-face-to-face economy is a future growth engine that can minimize the conflict between the economy and quarantine amid the prolonged COVID-19 pandemic.

First, the government plans to invest 1.6 trillion won next year in eight promising sectors leading the non-face-to-face economy: finance, healthcare, education and vocational training, work, small businesses, distribution and logistics, digital content, and administration. In particular, in the finance sector, the government will abolish the public certification system and allow non-face-to-face insurance solicitation. In healthcare, it will establish 18 leading smart hospital models and implement a digital care pilot project targeting 120,000 vulnerable health groups. Additionally, to establish a foundation for the non-face-to-face economy, the government will allow non-face-to-face mobile subscriptions and enact the 'Act on Fairness in Online Platform Brokerage Transactions' in the first half of next year to establish fair trade order between platforms and tenant companies.

The 'K-Non-Face-to-Face Global Innovation Venture 100 Project' was also discussed. Deputy Prime Minister Hong emphasized, "By 2025, we will discover 1,000 non-face-to-face startups and provide focused support for research and development (R&D). We will also operate a separate loan, guarantee, and investment program exclusively for non-face-to-face companies worth a total of 9 trillion won." Furthermore, to create domestic demand, the government plans to provide non-face-to-face service vouchers worth 640 billion won to 160,000 small and medium-sized enterprises by 2021 and establish a 200 billion won global venture capital fund to actively support overseas investment attraction for non-face-to-face companies.

Deputy Prime Minister Hong also explained the '2021 Economic Policy Direction Preparation Plan.' He said, "2021 is a very important period to create a definite economic recovery and rebound, proactively respond to changes in our economic and social structure through the strong promotion of the Korean New Deal, and further upgrade our economic growth trajectory. We are currently collecting expert and field opinions and discussing with related ministries to support these goals. The entire economic team is thoroughly supplementing the details and plans to announce it in mid-December," he said.

He also emphasized concerns about the recent downward trend in the exchange rate and the government's active response stance. Deputy Prime Minister Hong said, "Concerns among economic agents are growing as the exchange rate continues to decline. Excessive exchange rate fluctuations are never desirable. We will actively respond at any time to stabilize the market," he said.

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