Establishment of Inter-Ministerial Temporary Organizations Including 'One-Stop Export Support Team' and 'National Subsidy Fraud Management Team'

Ministry of Economy and Finance Announces and Enforces Prime Minister's Directive to Establish Temporary Organization

[Asia Economy Sejong=Reporter Ju Sang-don] The Ministry of Economy and Finance announced that it has promulgated and implemented a Prime Minister’s directive on the 24th to establish four temporary organizations to carry out national agenda tasks and respond to urgent economic issues.

An official from the Ministry of Economy and Finance explained, "To respond more systematically and organically to the complex problems facing our economy, we have formed a cross-ministerial organization where multiple ministries collaborate with expertise," adding, "It is planned to launch as temporary organizations for a flexible and efficient government system."

[Image source=Yonhap News]

These cross-ministerial temporary organizations will perform functions such as ▲ one-stop resolution of export and order difficulties ▲ implementation of the New Growth 4.0 strategy encompassing national agenda tasks ▲ execution of key tax reform national agenda tasks including the transition of inheritance tax to estate acquisition tax and reform of real estate taxation ▲ establishment of a management system for preventing fraudulent receipt of subsidies, which has surged to about 100 trillion won annually.

Earlier, in November last year, the government promoted the establishment of a one-stop center to support export companies and resolve difficulties at the 1st Export Strategy Meeting presided over by the President.

As a follow-up measure, a public-private joint permanent support system was established by consolidating the capabilities of related ministries, public institutions, and private associations to resolve export and order difficulties. The support group receives and manages difficulties faced by companies related to exports and orders, and oversees support such as budget, taxation, finance, and institutional improvements necessary to resolve these difficulties. It also monitors domestic and international trends related to exports and orders, support status and achievements, builds networks with foreign governments and international organizations, and plans to support economic and investment cooperation projects through economic diplomacy. The head of the support group concurrently serves as the 1st Vice Minister of the Ministry of Economy and Finance. The group consists of four departments: Deputy Head (Ministry of Trade, Industry and Energy), Support Officer (Ministry of Economy and Finance), Export General Team (Team Leader: Ministry of Trade, Industry and Energy), Order Infrastructure Support Team (Ministry of Land, Infrastructure and Transport), Financial and Fiscal Support Team (Ministry of Economy and Finance), and Investment Cooperation Team (Financial Services Commission).

The New Growth Strategy Planning and Promotion Team was newly established as a follow-up to the 'New Growth 4.0 Strategy Promotion Plan' announced in December last year. The team formulates a comprehensive implementation plan for the New Growth 4.0 strategy, discovers and promotes related projects, and monitors their progress. It also plans to reform the research and development support system that forms the foundation of the New Growth 4.0 strategy and identify and improve on-site regulations to facilitate smooth project implementation. The Ministry of Economy and Finance serves as the head, and under the head are three departments: Strategy Planning Team (Ministry of Economy and Finance), Future Industry Team (Ministry of Trade, Industry and Energy), and Digital Transformation Team (Ministry of Science and ICT).

The Tax Reform Promotion Team is responsible for establishing implementation plans for tax reform tasks such as transitioning inheritance tax to estate acquisition tax and enhancing the linkage between comprehensive real estate tax and property tax, and improving laws and systems. The National Subsidy Fraud Management Team improves the management and execution system of national subsidies, establishes policies to prevent fraudulent receipt of national subsidies, and revises related laws and systems. It also plans to fundamentally reform the subsidy management and execution system by establishing systems to prevent fraudulent receipt by ministry and sector.

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