Gangwon Province Holds Expanded Emergency Economic Meeting in Response to Middle East Situation... Focus on Three Key Strategies: Livelihoods, Businesses, and Energy

Emergency Economic Review and Sector-Specific Countermeasures Discussed

KRW 10 Billion in New Management Stabilization Funds for Export Companies

Proactive Support and Response Measures Implemented

Gangwon Special Self-Governing Province (Governor Kim Jin-tae) held an expanded emergency economic countermeasures executive meeting on April 8, 2026, in the main conference room of the provincial government annex, in response to the rise in international oil prices due to the prolonged conflict in the Middle East and the increasing likelihood of a widespread economic crisis in the Gangwon region.

Gangwon Special Self-Governing Province (Governor Kim Jin-tae) held an expanded emergency economic measures executive meeting on the 8th at the main conference room of the annex building in the provincial government office to respond to the rising international oil prices due to the prolonged conflicts in the Middle East and the increased possibility of an economic crisis throughout the Gangwon region. Provided by Gangwon Province

Governor Kim Jin-tae instructed on April 2 that the Emergency Economic Task Force be upgraded and operated as the Emergency Economic Countermeasures Headquarters. Accordingly, since April 6, the province has expanded the Emergency Economic Task Force, led by the Vice Governor for Economic Affairs and comprised of five teams, to operate at the bureau level, and further upgraded it to the 'Emergency Economic Countermeasures Headquarters' with the governor as the head.

The province is pursuing six key measures across three major strategies: ▲ top priority on price stability and safeguarding livelihoods ▲ minimizing damage to businesses and small merchants ▲ proactive management of energy and supply risks. The six key focus areas are: ▲ stabilization of consumer prices and the everyday economy ▲ expanded emergency financial support ▲ stabilization of energy and essential goods supply ▲ measures for industry and employment stabilization ▲ stabilization of agricultural and fisheries management ▲ public sector leadership in response measures.

First, to ensure 'stabilization of consumer prices and the everyday economy,' the province will continuously monitor the impact of Middle East developments on prices and strengthen the monitoring of daily necessities prices. Additionally, as soon as national government funds are received for high oil price damage support included in the supplementary budget, the province plans for immediate disbursement to help residents feel price stability.

In the area of 'expanded emergency financial support,' support for export companies will be strengthened. Since March 11, the province has been implementing export support measures in response to the Middle East conflict and has newly allocated KRW 10 billion (KRW 7 billion for export companies, KRW 3 billion for logistics-affected companies) in management stabilization funds, providing support to affected companies at a fixed ultra-low interest rate of 1.5%.

So far, support totaling KRW 650 million has been provided to three companies. The province plans to continue providing tailored support by listening to the difficulties faced by export companies to the Middle East through 'on-site, targeted support.'

To ensure 'stabilization of energy and essential goods supply,' the province is cracking down on illegal petroleum distribution, illegal manufacturing and distribution of volume-based waste bags, and speculation. Currently, most cities and counties in the province are able to maintain a stable supply of volume-based waste bags for over three months.

For 'measures to stabilize industry and employment,' the province is focusing on supporting the construction and transportation sectors. Increases in prices are being reflected in construction costs, and support for project deadline extensions is being provided. At the same time, the province is continuously monitoring the supply of construction materials to address potential shortages of admixtures (ethylene) essential for ready-mixed concrete production. Additionally, to support the intercity bus industry facing management difficulties, the province executed financial support payments early last week and plans to compensate for financial deficits as much as possible if the challenging situation continues through the end of April.

Jintae Kim, Governor of Gangwon Special Self-Governing Province, is holding an expanded executive meeting for the emergency economic measures on the 8th at the annex main conference room of the provincial office to respond to the prolonged conflicts in the Middle East, the rise in international oil prices, and the expanding possibility of a crisis in the overall economy of the Gangwon region. Provided by Gangwon Province

For 'stabilization of agricultural and fisheries management,' the province is expanding support for the purchase and transportation costs of tax-free fuel and forage, and further strengthening support for stabilizing seafood prices.

As part of 'public sector leadership,' the province is implementing early budget execution and parallel energy-saving policies, such as introducing the two-shift system for public offices.

Governor Kim Jin-tae stated, "As the situation in the Middle East continues, it is having a significant impact on the overall economy of Gangwon Province. We must mobilize all available resources and respond swiftly to minimize the damage to our residents."

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