Mokpo City’s Industrial Crisis Area Status Extended for 2 More Years... 'A Sigh of Relief'

Support for Businesses and Small Merchants Including Regional Economic Recovery Until May 2023

[Asia Economy Honam Reporting Headquarters Reporter Jeong Seunghyun] On the 28th, Mokpo City in Jeollanam-do announced that the designation of the Special Industrial Crisis Response Area has been extended for 2 years.

According to the city, the government decided to extend the designation period of the Special Industrial Crisis Response Area for 2 years for Mokpo, Yeongam, Haenam, as well as Gyeongnam's Geoje, Jinhae, Tongyeong, Goseong, and Ulsan Dong-gu, which were set to expire this month, after on-site inspections, the Regional Industrial Crisis Deliberation Committee, and meetings of related ministers.

The Special Industrial Crisis Response Area is designated to provide temporary special support to help a specific region's industry recover its self-sustaining capacity when it falls into a serious crisis, and projects for companies and small business owners are promoted to revive the local economy.

Mokpo, Yeongam, and Haenam were first designated in 2018 due to the prolonged slump in the shipbuilding industry, and the period has been extended twice including this time.

With this extension, financial and commercialization support such as loans for companies and small business owners, education support for incumbent workers and reemployment training for the unemployed and retirees, expansion of industrial infrastructure for fostering new industries, and projects to attract investment will be supported, which is expected to contribute to revitalizing the local economy.

During the on-site inspection by the Ministry of Trade, Industry and Energy, the harsh reality of the frozen local economy, such as deteriorating sales of small business owners due to the continuous slump in the shipbuilding industry, was expressed. Detailed efforts to overcome the industrial crisis were explained, including fostering future three major strategic industries such as offshore wind power complexes, diversification of the shipbuilding industry linked with the West Coast Maintenance Yard of the Coast Guard, and promotion of alley economy revitalization projects for small business owners.

Mayor Kim Jong-sik said, “I thank the central government ministries that decided to extend the Special Industrial Crisis Response Area during this very difficult time when the shipbuilding industry recession and COVID-19 overlapped, as well as Jeollanam-do, Yeongam County, Haenam County, and local political circles,” and added, “We will actively implement the necessary support and projects for companies and citizens to revitalize the local economy.”

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