Ulsan City Launches 'Regional Economic Innovation Task Force'... Holds First Meeting on 20th to Identify Challenges Including Regional Economic Recovery Measures

Ulsan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] Ulsan City will hold the ‘1st Regional Economic Innovation Promotion Team Meeting’ at 10:30 a.m. on the 20th in the city hall situation room.

Presided over by Deputy Mayor for Economic Affairs An Hyodae, the meeting will be attended by 22 key officials from major related organizations including the Ulsan Chamber of Commerce and Industry, the Ulsan branch of the Bank of Korea, and the Ulsan branch of the Korea International Trade Association.

The meeting will proceed with presentations and discussions on ▲Ulsan-type economic and employment crisis response system operation plan ▲detailed promotion plan of the Regional Economic Innovation Promotion Team ▲innovation tasks for regional economic leap ▲2022 diagnosis of Ulsan’s economy, employment, and industry.

The Ulsan-type economic and employment crisis response system is designed to enable integrated and proactive responses to regional economic and employment crises by discussing and implementing economic and employment monitoring, situation assessment, and policy execution all within a systematic framework.

The Regional Economic Innovation Promotion Team was formed to integrate and govern (governance) the previously sporadically operated economic policy and consultative bodies, aiming to establish a regional-level crisis response posture and support the revitalization of the regional economy.

The main tasks are organized into five divisions: ▲comprehensive economic and employment response ▲industrial crisis response ▲investment attraction and trade response ▲price stabilization and small business support ▲regulatory improvement promotion, to devise plans for regional economic revitalization.

At this promotion team meeting, innovation tasks for regional economic leap announced by the Ulsan branch of the Bank of Korea on September 13 will also be presented, discussing implementation plans for the Bank of Korea’s virtuous cycle economic growth tasks.

The 2022 diagnosis of Ulsan’s economy, employment, and industry will be presented as part of the economic trend analysis project, based on data collaboratively analyzed by the Ulsan Research Institute, the Ulsan branch of the Bank of Korea, and the Ulsan Job Foundation regarding this year’s Ulsan economic, employment, and industrial situation.

Deputy Mayor for Economic Affairs An Hyodae said, “Due to emergency economic conditions such as high inflation and high interest rates, the difficulties faced by local companies are increasing,” adding, “We will do our best to ensure that the activities of the Regional Economic Innovation Promotion Team become a channel for discovering various policies and resolving companies’ difficulties, serving as a catalyst for job creation and economic recovery.”

Ulsan City plans to form and operate a joint public-private meeting for regional economic innovation in cooperation with local labor, management, civil, and government sectors to operate multi-layered integrated governance for regional economic crisis response.

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