Gyeonggi Province Activates Coronavirus Economic Damage Response Task Force

[Suwon Ilbo=Park Nohoon Reporter] Gyeonggi Province has formed a task force team to prepare countermeasures to minimize economic damage caused by the spread of COVID-19.

On the 3rd, Gyeonggi Province held a video conference on the "Gyeonggi Province COVID-19 Economic Task Force" at the Disaster Situation Room of Gyeonggi Provincial Government, with around 50 participants including provincial and municipal officials, provincial public institutions, and expert advisory groups.

This task force composition is a measure designed to minimize economic damage to businesses and small business owners within the province by maintaining close coordination with 31 cities and counties and public institutions until the coronavirus subsides.

The task force is led by the Head of Economic Affairs as chairman and the Director of Economic Planning as vice-chairman, with a total of 4 divisions: ▲Employment ▲Small Businesses ▲Business Support ▲Export Support.

The 'Employment' division, involving the Employment and Economic Policy Division, Gyeonggi Research Institute, and Jobs Foundation, will handle comprehensive countermeasures, trend analysis, and job creation measures. The 'Small Businesses' division, involving the Small Business Division and Market Commerce Promotion Agency, will handle damage response for small business owners and activation of traditional markets.

The 'Business Support' division, involving the Specialized Enterprise Support Division, Gyeonggi Economic Science & Innovation Promotion Agency, Gyeonggi Credit Guarantee Foundation, and Gyeonggi Company, will handle damage response for small and medium enterprises and financial support. The 'Export Support' division, involving the Diplomatic Trade Division, Investment Promotion Division, and Gyeonggi Economic Science & Innovation Promotion Agency, plans to support export and import activities of businesses within the province and investment activities of foreign investment companies.

Additionally, regional economic department heads from 31 cities and counties will be designated as responsible officials to conduct daily monitoring of emergency economic trends in each region.

The task force will hold regular meetings weekly and hold ad hoc meetings when issues arise, planning to develop and implement effective long-term and short-term countermeasures based on organic cooperation systems. When necessary, the province plans to seek policy cooperation from the central government and related agencies.

In particular, at this meeting, participants agreed to firmly address market disruption practices such as hoarding and false information, and to rapidly execute budgets related to regional economy during the first half of the year to proactively respond to economic damage caused by the coronavirus.

Kim Gyu-sik, Director of Economic Planning, said, "We will respond proactively, quickly, and accurately to minimize regional economic damage caused by COVID-19," and added, "We will particularly take preemptive measures for vulnerable sectors such as small and medium enterprises and small business owners."