Jeju Island, 'All-Out Effort' to Overcome Regional Economic Crisis

[Jeju=Asia Economy Honam Reporting Headquarters, Reporter Park Chang-won] Jeju Special Self-Governing Province is making every effort to overcome the economic crisis in the Jeju region caused by the prolonged COVID-19 pandemic.

Jeju Special Self-Governing Province announced on the 27th that it held the "2nd Jeju Special Self-Governing Province Economic Policy Council Meeting" at Tamna Hall on the 4th floor of the Jeju Provincial Government Main Building.

The Economic Policy Council of the province is a public-private cooperation committee based on the "Jeju Special Self-Governing Province Economic Policy Council Ordinance," reflecting the voices from the field of public livelihood into economic policies.

The committee consists of 30 members, including representatives and field workers from various sectors such as the Provincial Council, research and academia, economic organizations, small business owners and companies, tourism, primary industries, construction, consumers, local communities, and administration.

The meeting proceeded in the order of an analysis presentation of next year's economic conditions by the Jeju branch of the Bank of Korea, a report on the operation results of the Economic Crisis Expert Committee, a presentation of next year's economic recovery plans, and discussions on economic field difficulties and proposals from each member.

The Economic Crisis Expert Committee is a temporary organization established under the Economic Policy Council through the first meeting in March to discover and reflect support policies for COVID-19 affected industries (companies) to overcome the regional economic crisis, and it will operate temporarily until the end of this month.

The Economic Crisis Expert Committee, composed of 10 experts in the economic field within the province, actively proposed various policy ideas to overcome the economic crisis through a total of five meetings.

Also, representatives from each sector, experts from academia and research institutions, and field workers presented various opinions and advice on difficulties experienced in the economic field due to COVID-19 social distancing and support measures needed for damage recovery.

Acting Governor Koo Man-seop said in his greeting, "We will do our best to reflect the valuable opinions and wisdom of the Economic Policy Council members in policies and to execute them promptly."

He added, "The economy can recover only when the spread of COVID-19 decreases," and "Jeju provincial government will mobilize all capabilities for quarantine and discover support measures so that residents can start daily life recovery again."

Meanwhile, Jeju Province has prepared an economic recovery plan worth about 1 trillion won aimed at supporting the recovery of COVID-19 affected industries and classes in the first half of next year and the re-leap of the regional economy.

Along with this, it plans to support rapid livelihood recovery through a "5 Major Support Package," focusing on short-term support measures including finance, employment, taxation, and consumption promotion.

Jeju=Asia Economy Honam Reporting Headquarters, Reporter Park Chang-won captain@asiae.co.kr

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