Gyeonggi Governor Kim Dong-yeon's First Approval? ... 'Measures for the People's Economy'

[Asia Economy (Suwon) = Reporter Lee Young-gyu] On the 1st, Gyeonggi Province Governor Kim Dong-yeon approved the "Comprehensive Plan for Emergency Economic Response and Livelihood Stabilization" as his first official approval after taking office.

Governor Kim explained, "I decided on the livelihood economy measures as the first approval to prioritize saving the difficult lives of residents," adding, "It includes immediate measures and future plans to support self-employed people, small business owners, farmers and fishermen, and small and medium-sized enterprises."

The comprehensive plan for livelihood stabilization focuses on direct support and will be implemented in three stages.

The first stage support projects include five urgent measures: export insurance support, logistics cost support for export companies, tax-free fuel and logistics cost support for farmers and fishermen, fertilizer price stabilization support, and urging the introduction of a delivery price linkage system.

For small and medium-sized enterprises in the province with export performance under 20 million USD last year, 400 million KRW will be invested to support about 400 companies with up to 1.2 million KRW per company for export insurance premiums, and about 200 companies with up to 3 million KRW per company for logistics costs.

Additionally, a total of approximately 15.3 billion KRW will be invested for farmers and fishermen in the province, supporting part of the increase (50-100%) compared to the standard price of tax-free fuel for agriculture and fisheries, as well as part of logistics costs for four months from August to November. With a budget of 24.9 billion KRW, 80% of the increase in mineral fertilizer prices will be subsidized.

The province will urge companies and the government to introduce the "delivery price linkage system," which reflects raw material price increases in delivery prices, and will also establish plans to provide incentives to companies operating the linkage system.

The budget for the five urgent measures amounts to 14.9 billion KRW from the central government and 9.3 billion KRW from the provincial government. The province plans to cover its share through early execution of the main budget and use of contingency funds.

The second stage includes nine projects: refinancing of high-interest loans and support for low-interest operating funds, refinancing support for small business owners, special guarantee support for re-challenge hope, credit recovery support through debt restructuring, small loan support for diligent debt repayment, 10% discount support on local currency, discount coupons for agricultural and marine products, partial subsidy support for self-payment in forage production base expansion projects, and support for beekeeping farmers affected by damage.

For refinancing of high-interest loans, small business owners and SMEs with loans at an annual interest rate of 10% or higher will be supported with low-interest loans at 4-5% interest, up to 20 million KRW and 100 million KRW respectively.

The agricultural and marine products discount coupons provide a 20-30% discount up to 10,000 KRW per person when purchasing agricultural and marine products.

The province will secure the budget needed for the second stage projects, 107.7 billion KRW from the central government and 212.1 billion KRW from the provincial government, through early execution of the main budget and the first supplementary budget, and will proceed with the projects as quickly as possible.

The third stage includes seven projects: increasing the Gyeonggi Women's Employment Support Fund from 900,000 KRW to 1.2 million KRW, supporting cultivation of forage crops using fallow paddy fields, introducing an emergency meal care system, preparing manpower supply measures for agriculture and fisheries, implementing a youth basic loan, improving systems for financial life normalization, and revising laws to support personal credit recovery.

The emergency meal care system is a project that supports about 40,000 households in the province who urgently need care due to unemployment or business closure by providing Gyeonggi agricultural products worth 50,000 KRW for three months. The youth basic loan offers low-interest, long-term loans of 5 million KRW per person to youths aged 25 to 34 in the province.

The province plans to reflect the budget needed for the third stage projects in the supplementary budget for the second half of this year and the main budget for next year. To monitor the progress of the comprehensive plan for livelihood stabilization, the province will organize and operate a dedicated task force for emergency economic measures. The newly appointed Deputy Governor for Economic Affairs will serve as the head of the task force.

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