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South Korea: The whole industry is in crisis

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President Moon Jae-in emphasized the importance of epidemic prevention and economic recovery and pointed out that the entire industry is in crisis.

South Korean President Moon Jae-in on March 18 opened a roundtable with representatives of three economic entities, Government, businesses, and households in the Presidential Palace to share the situation of COVID-19 and discuss economic policy.

At the beginning of the conference, President Moon Jae-in emphasized the importance of epidemic prevention and economic recovery and pointed out that the entire industry is in crisis.

According to the South Korean President, the COVID-19 epidemic has become a global problem and the economic crisis is to last long, so they need unprecedented measures, different from the past.

Mr. Moon Jae-in suggested that economic entities connect together in the current emergency situation to bring the economy to overcome the crisis. The Government will continue to take the most active and drastic measures.

Besides, President Moon Jae-in also emphasized that the Government will provide financial support of 32,000 billion won (the US $ 25.9 billion), but the Government’s efforts alone are not enough, requiring the tight connection of business and the people. The Government is now determined to control the disease and protect the economy.

Attending the conference were key officials of the governing Democratic Party, Government and Presidential Palace, Chief of the Korean Chamber of Commerce and Industry (KORCHAM) Park Yong-man, as well as President of the Korean labor federation Kim Dong-Myung and Chairman of Democratic Labor Federation Kim Myung-hwan.

 

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