Pohang City Makes All-Out Effort for On-Site Inspection for Preemptive Industrial Crisis Response Zone Designation

Ministry of Trade, Industry and Energy and Private Experts Conduct On-site Inspection in Pohang
Seeking Solutions to the Steel Industry Crisis
Mayor Lee Kangdeok:
"Responding to the Regional Economic Crisis... Urging Prompt Government Support"

Pohang City announced that on August 5, an on-site inspection team for the designation of a Preemptive Industrial Crisis Response Zone, composed of the Ministry of Trade, Industry and Energy, related government agencies, and private sector experts, visited Pohang to conduct field inspections of steel companies and to review the overall regional situation.

The joint public-private inspection team, consisting of a total of 21 members including the Director of Regional Economic Policy at the Ministry of Trade, Industry and Energy, officials from related ministries, and private experts, participated in the inspection. They visited the headquarters of POSCO Pohang and Hyundai Steel in succession, listened to the difficulties faced on site, and held a business meeting with the companies.

The inspection team aimed to thoroughly understand the overall situation of the steel industry based on the vivid voices from the field and to explore sophisticated policy response directions.

Subsequently, at a comprehensive situation review meeting held at Pohang City Hall, in-depth discussions were held with Pohang City officials on the current state of the regional economic crisis, the necessity of designating the area as a Preemptive Industrial Crisis Response Zone, and response strategies.

The city emphasized the necessity of a preemptive response to the complex crisis in the steel industry and the importance of prompt designation of the area, and requested government-wide support measures.

This inspection was a follow-up procedure after Pohang City submitted an "Application for Designation as a Preemptive Industrial Crisis Response Zone" to the Ministry of Trade, Industry and Energy on July 18. The final decision on designation will be made through a review by the Industrial Crisis Response Review Committee in the future.

If designated, various government support programs such as preferential treatment for local investment promotion subsidies, interest support, consulting, and employment stabilization support will be intensively implemented for two years.

Since last year, the city has continuously visited the steel industry, which is experiencing a complex crisis due to the global economic downturn, soaring energy costs, and industrial restructuring, to listen to their difficulties. The city especially reiterated the need for a preemptive national response, emphasizing that the crisis in the steel industry is causing a downturn in local partner SMEs and the overall employment ecosystem.

Mayor Lee Kangdeok stated, "Taking this on-site inspection as an opportunity, we will do our utmost to ensure that Pohang is promptly designated as a Preemptive Industrial Crisis Response Zone through a close cooperation system with the Ministry of Trade, Industry and Energy," and added, "We will continue our efforts to ensure that the voices from the field are genuinely reflected in government policies."

Pohang City Hall.

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