Deputy Prime Minister Kyungho Choo convened the Emergency Ministerial Meeting on Economic Affairs at the Government Complex-Seoul on December 13 to discuss 1) measures to strengthen the provision of information on downsized products 2) strategies to bolster the competitiveness of the secondary battery 3) road safety plans in preparation for the era of fully autonomous driving, and 4) employment trends in November.
The following is a summary of DPM Choo’s remarks.
Recently, the Korean economy has been gradually recovering on the back of vibrant exports, and the employment market continues to be strong with employment rates increasing across all age groups. Although inflation has been moderated, uncertainties persist due to adverse weather conditions and the potential spread of Avian Influenza. Under these circumstances, the government will exert all efforts to achieve price and livelihood stability.
In particular, the applicable period for fuel tax reduction and the subsidy for diesel and natural gas which were set to end in late December will be extended by the end of February next year. In addition, endeavors will be made to fundamentally address the issue of shrinkflation, where businesses change the quantity or content of their products without explicit notification.
To this end, businesses will be mandated to notify changes in the quantity, size, and components of major food and basic necessities on their product package, websites, or sales locations. Distributors will also be required to display information about products with altered quantities in their stores. The range of items requiring unit price displays will be expanded and the scope of entities with obligation to provide such information will be broadened to include online businesses as well.
In an effort to step up the competitiveness of the secondary battery industry, the government will support the stabilization of the essential minerals’ supply chain by introducing a 3% tax deduction for investment on overseas mining rights. Furthermore, used batteries will be systematically managed through a three-stage safety inspection system that consists of performance evaluation, pre-distribution and post-distribution inspections. Also, over the next five years from 2024 to 2028, policy financing exceeding 38 trillion won will be provided for promising companies to help bolster their facility investment.
Furthermore, in readiness against the era of fully autonomous driving, the government will improve relevant laws and systems by introducing separate licenses for autonomous vehicles, and establishing regulations on sanctions or criminal liability for traffic law violations or car accidents. Not only that, a digital-based autonomous driving infrastructure will be created including artificial intelligence signal operation systems utilizing driving data from self-driving cars.
Please refer to the attached files.
