Deputy Prime Minister Choi Sang-mok convened the Ministerial Meeting on Economic Affairs at the Government Complex-Seoul on September 12 to discuss the following agenda items: ①Measures for enhancing the pan-governmental initiative to boost investment, ②Action plans for the rapid implementation of the third project of the ‘Regional Revitalization Investment Fund’, ③Plans for creating industrial complexes that incorporate cultural elements, ④Measures to improve daily convenience services, and ⑤Progress of the Support Package for Small Business Owners and the Self-Employed and response measures to the WeMakePrice and TMON payout delays.
The following are key messages of DPM Choi’s remarks.
Recently, consumer price inflation has reached the target level of 2%, and the prices of key seasonal products, especially fruits and livestock, are showing a downward stabilization trend thanks to increased supply and discount support. However, as prices of some items, such as vegetables still remain high owing to the heatwave, the government is committed to restoring price stability through additional supply.
Given that the rise in housing transactions is gradually reflected in an increase in household loans since June, particularly mortgage loans, the government will remain vigilant and continue to work on stable management of household debt.
Currently, the Korean economy has been showing signs of recovery, mainly driven by strong export performance. However, as the recovery in domestic demand varies across sectors, the government will focus on tailored support for different sectors to accelerate economic rebound. In particular, much efforts will be made to further stimulate investment activity, which has shown double-digit growth recently.
[Measures for enhancing the cross-ministry initiative to promote investment]
[Action plans for the rapid implementation of the third project of the ‘Regional Revitalization Investment Fund’]
Starting this month, the ‘Expanded Investment Express’ will be launched jointly by vice ministers from relevant ministries, aimed at addressing challenges in the field of investment. Beginning in October, ministers from relevant ministries will meet with the six major economic organizations, key companies, and industry-specific associations to discuss ways to promote investment.
As part of effort to shore up investment, the government is announcing the third project of the Regional Revitalization Investment Fund. This project involves the construction of the Myeodo LNG Terminal in Yeosu, Jeollanam-do, with a total investment of 1.4 trillion won, to supply 3 million tons of LNG annually to the Yeuso-Gwangyang industrial complex. To this end, the government will provide strong support to assure its completion by the end of 2027 without delay.
[Progress of the Support Package for Small Business Owners and the Self-Employed, and response measures to the WeMakePrice and TMON payout delays]
The government will accelerate the implementation of the support measures for small business owners so that they can swiftly participate in the economic recovery trend. The three-part financial support package has already provided a total of 241.3 billion won as of last week, and starting this month, the support for applications submitted after August will be fully executed. Starting from today, the eligibility of debt adjustment through the New Start Fund will be expanded to alleviate the debt collection concerns of small business owners, especially during the upcoming Chuseok holiday.
Furthermore, the government will continue to closely monitor the WeMakePrice and TMON payout delays until they are fully resolved. Thus far, 343.2 billion won has been provided to support affected businesses, and 40.1 billion won has been used for refunds on general products and gift cards. At the same time, the proposed amendment to the relevant laws to prevent recurrence, which was announced on September 9, will undergo a public hearing and consultation process before being promptly submitted to the National Assembly.
[Measures to improve daily convenience services]
Strengthened efforts will be made to tackle housing-related inconveniences caused by noise between floors and poor construction. New criteria will be established for assessing floor structure defects to mitigate noise issues, and a ‘third party’ will be added other than home owners as a designated entity allowed to enter newly constructed homes for pre-inspections under the law to prevent disputes related to entry and involvement of defect inspection agencies.
In addition, the government will expand the price display system for funeral goods and services to enhance transparency. Also, in an effort to promote safe usage of personal mobility devices such as electric scooters, their speed limit will be reduced from 25 km/h to 20 km/h.
Please refer to the attached files.
