Vice Minister Ki Jae: "Comprehensive Tax, Fiscal, and Financial Support to Boost Gyeonggi Economy"

Bang Gi-seon, the 1st Vice Minister of the Ministry of Economy and Finance, stated on the 28th, "To achieve a rapid and strong rebound of our economy in the second half of the year, we will focus on revitalizing exports, investment, and domestic demand, which are the core of economic vitality, and strengthen all-round policy response efforts including tax, fiscal, and financial support."

At the 'Emergency Economic Vice Ministers' Meeting' held at the Government Seoul Office on the same day, Vice Minister Bang said, "In the June industrial activity trend, manufacturing production, which can be considered the barometer of the economy, turned positive for the first time in five quarters, which is significant as it indicates a recovery from the previous slump." According to the industrial activity trends announced by Statistics Korea that day, total industry production (+0.1%), retail sales (+1.0%), and facility investment (+0.2%) showed a 'triple increase' for two consecutive months.

Vice Minister Bang also emphasized focusing on the supply and demand management of agricultural and livestock products and price stabilization. He explained, "To quickly overcome the difficulties in the livelihood economy caused by heavy rain damage, crop disaster insurance will be paid in advance up to 50% of the estimated insurance amount, and all available government resources will be mobilized to promptly support damage compensation by August." Regarding the supply and demand management of agricultural and livestock products, he added, "We will import the entire quota of 30,000 tons of chicken tariff allocation by August and expand the supply of substitute items such as perilla leaves and lettuce."

As a policy to revitalize exports, he said, "We will operate the monthly 'One-Stop Export 119' and provide close support for export difficulties through various field visits to industrial complexes, port hinterlands, and free economic zones," and added, "Starting in August, we will establish collaboration networks in promising service export sectors such as fintech and edutech."

He also mentioned that institutional improvements are underway, including expanding export voucher support services, increasing discounts on hazardous material inspection fees for automobile export containers, supporting government awards and issuance of English certificates of construction performance, and improving biological safety evaluation procedures for medical devices.

He explained that investment cooperation between Korea and the United Arab Emirates (UAE) is becoming full-fledged, stating, "We have entered the actual investment attraction stage by delivering reliable and profitable investment proposals from our companies to the UAE side, and the UAE is also seeking more investment opportunities in various fields."

Vice Minister Bang said, "To ensure that companies do not miss investment attraction opportunities, we will hold investment attraction briefings for private companies and associations as needed, and actively support companies facing difficulties due to lack of investment attraction experience through individual consultations and English investment proposal consulting."

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