Tongyeong City Extends Special Industrial Crisis Response Zone Until May 28, 2023

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] The special industrial crisis response zone in Tongyeong City, Gyeongnam, has been extended for two years.

On the 28th, the Ministry of Trade, Industry and Energy announced that the designation period of the industrial crisis areas in Tongyeong City, Goseong County, Geoje City, and Jinhae-gu, Changwon City, Gyeongnam, has been extended by two years, and support measures will be promoted until May 28, 2023.

These areas were designated as special industrial crisis response zones in 2018 due to the crisis in the shipbuilding industry caused by a sharp decline in ship orders amid the global economic downturn, and after one extension, the period was set to expire on the 28th of this month.

Although orders have recently been recovering mainly among large shipbuilding companies, it will take considerable time for the ordered volume to actually begin at the work sites, so time is needed for the recovery of the local economy. With this extension of the designation, government support for the difficulties in local industry and employment is expected to continue, revitalizing the local industrial economy.

Mayor Kang Seok-ju said, “With the help of this extension, the continuous support from the government and the self-help efforts of our city and companies have borne fruit, and we will concentrate all administrative power to help the local economy escape the crisis as soon as possible.”

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