'Let's Save People's Livelihood, Hope, and Gyeonggi-do'... Kim Dong-yeon's 45 Days of Emergency Economic Response

Gyeonggi Province has rolled up its sleeves to support the frozen livelihood economy after the martial law situation and export companies affected by high exchange rates by issuing agricultural, livestock, and fishery product discount coupons that offer a 30% discount when purchasing locally produced goods, supporting the nation’s first dedicated operating expense card for small business owners, and increasing funds for small and medium enterprises (SMEs) by 250 billion KRW from the previous year to 2 trillion KRW.

First, on the 12th, Gyeonggi Province held its first Emergency Livelihood Economy Meeting chaired by Governor Kim Dong-yeon, establishing three principles: field-centered approach, rapid response, and bold measures.

The Emergency Livelihood Economy Meeting most frequently visited sites related to investment and export, accounting for half of the total eight meetings with four visits.

Following a field meeting with about 20 executives and employees of foreign-invested companies such as Linde and Air Products at the Gyeonggi Economic Science Promotion Agency on December 20 last year, the meeting visited the American Chamber of Commerce in Korea (AMCHAM) and the European Chamber of Commerce in Korea (ECCK) on January 8 this year, and on the 9th, visited the global semiconductor company onsemi to discuss cooperation plans for creating a stable investment environment and encouraged investment expansion.

At this occasion, Governor Kim Dong-yeon promised, "We hope you will trust Gyeonggi Province and the Republic of Korea and conduct more active business, and if there is anything Gyeonggi Province can do, we will do our best to support you."

As a result of these efforts, on the 14th, Francois Jackow of the French company Air Liquide announced an investment plan of 25 million USD (approximately 35 billion KRW) in Gyeonggi Province.

Field visits to SMEs and small business owners were also conducted twice, on December 26 last year and January 14 this year.

Subsequently, Gyeonggi Province decided to invest 2 billion KRW in about 100 local SMEs exposed to exchange rate fluctuation risks. The province decided to subscribe to exchange rate fluctuation insurance and pay insurance premiums, and additionally increased the scale of SME development funds to 2 trillion KRW, an increase of 250 billion KRW compared to the previous year.

This includes 630 billion KRW for SME support and 450 billion KRW for small business owners’ management stabilization (start-up, management improvement, refinancing) under the ‘Management Stabilization Fund.’

Furthermore, a meeting was held with the restaurant industry, which was directly hit, to receive suggestions such as activating public delivery apps like Baedal Teukgeup and expanding the implementation of government office cafeteria closure days.

Gyeonggi Province first shortened evening cafeteria operations to Monday, Tuesday, and Thursday to stimulate surrounding commercial districts, and actively worked to revitalize local shopping districts by holding the New Year press briefing at a Seolleongtang (ox bone soup) restaurant.

Gyeonggi Province Governor Kim Dong-yeon is presiding over the 'Gyeonggi Emergency Livelihood Economy Meeting.' Photo by Gyeonggi Province

In addition, to promote public delivery apps such as Baedal Teukgeup, Gyeonggi Province signed agreements with Shinhan Bank’s ‘Ttaenggyeoyo’ and Mukkaebi Co., Ltd., completing negotiations to enable the use of local currency on private delivery apps. From February, users of Shinhan Bank’s ‘Ttaenggyeoyo’ can use Gyeonggi local currency.

Especially at the Emergency Economic Livelihood Meeting held on the 14th at the Siheung branch of the Gyeonggi Credit Guarantee Foundation, Governor Kim Dong-yeon personally assisted in promoting the application for the ‘Small Business Owner HimnaeGo Card,’ a ‘nation’s first’ dedicated operating expense card for small business owners.

This card is known as the ‘3 No (3無) Card’ because it has no interest, guarantee fees, or annual fees.

Gyeonggi Province also supports a ‘30% discount coupon’ to aid farmers, livestock farmers, and fishermen affected by heavy snow damage.

A Gyeonggi Province official stated, "Gyeonggi Province will continue to hold Emergency Livelihood Economy Meetings on-site to reflect vivid voices in policies," adding, "The tasks received through the meetings will be managed in card form and continuously monitored until resolved."

Meanwhile, Governor Kim Dong-yeon returned on the 24th after attending the ‘2025 World Economic Forum (WEF, Davos Forum)’ held in Davos, Switzerland.

At the event, Governor Kim emphasized, "Although the current difficulties are deep, we can overcome them with the resilience and crisis-overcoming DNA of our people," and added, "Until then, Gyeonggi Province will do its best on-site to keep the spark of livelihood alive."

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