Koo made these remarks during a meeting of the Emergency Economic Headquarters and the Economic Relations Ministers at the Government Sejong Center, where various issues were discussed, including responses to the Middle East conflict, emergency support measures for small businesses affected by high exchange rates, the establishment of the third basic plan for personal data protection, progress on the five regional growth engines, and plans for the 2026 Korea Grand Festival.
Last month, South Korea's export volume exceeded $100 billion, with exports in the first half of the year reaching $496.7 billion, a 48.4% increase compared to the previous year. Koo noted, "Our economy is successfully overcoming the challenges posed by the Middle East conflict, thanks to unprecedented export growth and stable management of domestic and external risk factors."
However, he acknowledged that recovery in the economy remains slow due to global uncertainties and rising prices, emphasizing the need to accelerate support policies. He remarked, "The volatility in the foreign exchange and financial markets continues, and consumer prices rose by 3.2% in June, indicating ongoing difficulties for households. We have been swiftly implementing support measures to address inflationary pressures, employment slowdowns, and fluctuations in exchange rates and interest rates, and we will continue to do so."
Koo also highlighted the importance of accelerating the three mega-projects, which include semiconductors, data centers, and physical artificial intelligence (AI). He stated, "We will also identify regional growth engines in the five regions to maximize local characteristics and capabilities."
The government plans to provide 14.9 trillion won in emergency management funds to support small businesses struggling with high exchange rates. This fund will include a dedicated track for small businesses facing management difficulties, and the scale of support for special crisis response programs will be expanded by 1 trillion won.
Additionally, the government will enhance support for trade insurance and exchange rate fluctuation insurance for import companies, and extend payment deadlines for corporate tax, value-added tax, and income tax for small businesses to strengthen tax and financial support.
Furthermore, the third basic plan for personal data protection will be established, revising laws and regulations to govern personal data according to risk levels. In the event of data breaches, a one-stop support system for reporting and compensation will be implemented.
Discussions also included support measures for the five regional growth engines, which will involve selecting growth engines based on regional characteristics and potential, and providing a comprehensive package of financial, regulatory, and human resource support.
Finally, the Korea Grand Festival, a national discount event, will take place from October 29 to November 15. This festival will feature significant discounts on consumer goods, including automobiles, electronics, and clothing, as well as food items relevant to the kimjang season. Additionally, 70,000 accommodation coupons will be distributed outside the capital region to promote local tourism and consumption.
* This article has been translated by AI.
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