S. Korea Designates Yeosu as 'Crisis Response Zone' to Bolster Petrochemical Industry
finance minister-petrochemical industry
SEOUL, May 1 (Yonhap) — The Ministry of Finance announced on Thursday that the southwest coastal city of Yeosu has been labeled as an “industrial crisis response zone.” This designation aims to support the struggling local economy due to the downturn in the petrochemical sector located there.
At an economic ministerial conference, Finance Minister Choi Sang-mok declared their commitment to supporting petrochemical firms situated 315 kilometers south of Seoul. They also pledged to encourage investments and revitalize employment opportunities in the region.
The government intends to provide emergency funding to businesses grappling with sluggish sales and will support the petrochemical sector’s R&D initiatives focused on producing environmentally friendly and high-end goods.
According to Choi, South Korea intends to increase the sales threshold for businesses classified as small and medium-sized enterprises (SMEs). This adjustment would enable additional companies to benefit from governmental assistance programs designed for SMEs. If implemented, this modification would represent the first such update in a decade.
Regarding trade talks with the U.S., Choi stated that the administration will “see through their duty completely” to make sure crucial assistance reaches exporting businesses promptly.
"In addition to last week’s ‘2+2 consultation’ with the U.S. administration, we will strive to develop a ‘July package’ to guarantee that both parties can come to an understanding before the tariff suspension deadline," he stated.
A few days ago, Seoul and Washington conducted high-level trade discussions and committed to working together to develop a comprehensive agreement addressing new U.S. tariff measures and economic collaboration topics by July 8th. This date coincides with the expiration of the 90-day suspension of tariffs imposed by former U.S. President Donald Trump’s administration.
nyway@yna.co.kr
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