Kim Dong-yeon Chairs First 'Emergency Emergency Livelihood Economy Meeting'... "Field-Centered Rapid Response"

Gyeonggi Province has established the Gyeonggi Emergency Livelihood Economy Council, a public-private joint task force, to restore the livelihood economy severely affected by the chaotic political situation such as the emergency martial law and impeachment crisis. The province will implement field-oriented measures including the expansion of funds for small and medium-sized enterprises (SMEs) and support for emergency management funds.

On the 12th, Governor Kim Dong-yeon held the first Gyeonggi Emergency Livelihood Economy Council meeting at the Gyeonggi Provincial Office, urging swift and bold policy support for the recovery of the livelihood economy. He expressed his willingness to take responsibility and provide backing if necessary.

Governor Kim explained the reason for holding the meeting, saying, "Having been in charge of economic policy for a long time, I have made great efforts to overcome crises such as the IMF crisis and the 2008 global financial crisis, but now we are facing an unprecedented economic crisis situation. Through today’s Emergency Livelihood Economy Council, I would like to share the general direction of the measures the province is considering and hope that today will serve as an opportunity to swiftly implement what can be done."

He continued, "We are going through difficult times due to uncertainties caused by Trump’s election, protectionist trade policies, and the hegemony battles over future advanced industries including semiconductors. However, the bigger issue is the livelihood of the people." He presented three directions for Gyeonggi Province’s response to restore the livelihood economy: field-oriented, rapid response, and bold measures.

Governor Kim emphasized, "Above all, I will prioritize the field. What is important now is not grand macro policies or policy directions, but to create what can be done quickly and with detail. We need bold measures that break the existing administrative framework, not repetitive measures based on the administrative bureaucracy or conventional practices."

He then gave on-the-spot instructions to ▲ review special collateral loans secured by accounts receivable for the tourism industry and related sectors ▲ consider policy support or policy finance to prepare for foreign exchange losses ▲ provide financial support for SMEs, small business owners, and self-employed individuals who have reached their limits ▲ organize a corporate grievance window accessible to SMEs, small business owners, and self-employed individuals that can respond within 48 hours.

Governor Kim urged bold action, saying, "As long as it does not violate the law or administrative rules, I hope you break the stable administrative framework we have followed and take bold measures. If necessary, I will take responsibility and support the staff in their work."

Gyeonggi Province Governor Kim Dong-yeon is presiding over the first public-private emergency livelihood economy meeting at the Gyeonggi Provincial Government Office on the 12th. Photo by Gyeonggi Provincial Government Office

Separately from Governor Kim’s instructions, Gyeonggi Province decided on the same day to expand the SME development fund from 1.75 trillion won this year to 2 trillion won next year.

Additionally, the 300 billion won special guarantee for repayment extension for small business owners with medium to low credit, implemented since last September, will be carried out without delay to reduce the burden on small business owners. The province will also introduce the ‘Small Business Owners HimnaeGO Card’ next year to support essential operating funds for small business owners. To stimulate consumption in local commercial districts, local currency worth 3.5 trillion won will be issued.

Furthermore, to activate consumption and investment, the December adjustment grant of 461.7 billion won will be advanced from the 25th to the 20th of this month. Once the provincial council approves the budget for next year, funds such as the 749.3 billion won regional development fund will be injected early upon completion of the project plan.

The province will also utilize 138.9 billion won from the fiscal stabilization account’s time deposit immediately upon maturity by transferring it to the general account, and actively use contingency funds and special adjustment grants for local livelihood projects to revitalize the livelihood economy.

As a tourism sector measure, on the 11th, Gyeonggi Tourism Organization held an emergency meeting with the tourism industry to analyze the damage situation and suggestions from the local tourism industry and began preparing countermeasures.

Gyeonggi Province plans to provide emergency management stabilization funds and proactively engage in tourism marketing by holding the Gyeonggi Tourism Grand Festa in January and February.

Meanwhile, the establishment of the Gyeonggi Emergency Livelihood Economy Council was ordered by Governor Kim.

Through a recent urgent meeting with the three vice governors, Governor Kim said, "There is a need for support measures for the livelihood economy affected by the unconstitutional and illegal martial law situation on December 3rd." He urged, "Please investigate the damage status across the livelihood economy, including SMEs and small business owners, and swiftly establish field-oriented, customized measures centered on the Vice Governor for Economy and the Economic Office."

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