Gyeonggi-do Holds 'Emergency Economic Review Meeting' on 17th to Explore Corporate Crisis Response Measures

Yeom Tae-young, Deputy Governor for Economic Affairs of Gyeonggi Province, is presiding over an emergency economic inspection meeting on the 17th.

Gyeonggi Province held an emergency economic inspection meeting to discuss countermeasures in response to the crisis trends among local companies.

On the 17th, Gyeonggi Province diagnosed the crisis trends in corporate economy, exports, investment, and employment with related experts, and announced on the 18th that they discussed measures in five areas: ▲corporate policy fund support ▲marketing and sales channel support ▲export revitalization ▲venture and startup company support ▲construction industry revitalization.

At the inspection meeting, Kim Geon-ho, a research fellow at the Gyeonggi Research Institute, stated, "Various shocks such as global monetary tightening and high inflation are overlapping, causing declines in corporate economy, manufacturing, and employment indices," adding, "The decrease in the number of construction industry workers is particularly noticeable."

Sim Hye-jung, head of the Korea International Trade Association's Southern Gyeonggi Regional Headquarters, advised, "Export slowdown is a common phenomenon among manufacturing-based countries, but concerns remain about the downward revision of the global economic growth rate in 2023 and weak demand in major countries," and added, "We need to pay attention to and respond to international trade issues."

Gyeonggi Province also reviewed sector-specific support measures to resolve the corporate crisis.

To help small and medium-sized enterprises (SMEs) and small business owners overcome management crises, Gyeonggi Province has been providing 2 trillion won worth of the Gyeonggi Province SME Development Fund since early this year and has raised the secondary interest subsidy rate. Additionally, to support marketing and sales channels, 7.1 billion won is being provided to 1,338 companies to diversify online and offline sales channels such as home shopping broadcasts and to enter the public procurement market.

Furthermore, to revitalize exports within the province, the 'Gyeonggi Business Center (GBC)' will be opened in the third quarter (July to September) of this year to support export market diversification.

In particular, as part of startup and venture support measures, the province is promoting the creation of an 'Hub&Spoke-type Startup Cluster' innovation space centered around Seongnam's 2nd Pangyo Techno Valley. A total of 43.3 billion won will be provided for startup education and commercialization support according to the company growth stage, G-Fund investment support, technology transfer, and open innovation support.

Yeom Tae-young, Deputy Governor for Economy of Gyeonggi Province, urged, "Since the corporate economy recovery is expected to be slow in the second half of this year, please make every effort to prepare export revitalization measures and practical countermeasures for the rebound of the corporate economy in SMEs, venture and startup companies, and the construction industry within the province."

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