Government Establishes Hotline with Ukrainian Local Entrepreneurs for "Immediate Response in Emergencies"

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Kim Hyewon] The government is establishing a hotline with businesspeople centered around KOTRA and the Korea International Trade Association to support local companies and small to medium-sized export enterprises in relation to the Ukraine situation.

Lee Eokwon, First Vice Minister of Strategy and Finance, held the 3rd Emergency Response TF meeting on the Ukraine situation on the 15th and stated, "We plan to mobilize all available policy measures to prevent contraction of the real economy and minimize financial market volatility in case of any emergency."

The government, which announced a comprehensive response plan by scenario through the External Economic Security Strategy Meeting the previous day, is concretizing follow-up measures through inter-ministerial cooperation in preparation for emergencies.

KOTRA headquarters and local trade offices will take charge of local task forces and operate an emergency contact network with local businesspeople. A webinar for information delivery, grievance reception, and support targeting small and medium-sized export companies will also be held within this month. In case of emergency, alternative transportation plans (air and maritime) to rail transport will be activated.

To prepare for supply chain disruptions, measures to minimize supply and demand instability and reduce industry burdens, such as pre-securement of major items like raw materials, energy, and grains, expansion of domestic production, and diversification of imports, will also be reviewed and implemented.

Emergency response plans will continue to be enhanced for cases where military conflict and resulting strong sanctions and countermeasures by major Western countries materialize, causing significant uncertainty across the real economy and financial markets. Vice Minister Lee said, "We will also supplement action plans by each agency to ensure immediate response in case of emergency."

Immediately upon occurrence of the situation, the External Economic Security Strategy Meeting and sectoral inspection meetings will be convened, and a daily monitoring system of key indicator trends and response measures will be operated centered on the Ukraine Emergency Response TF.

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