ANNOUNCEMENT 01 Apr 2020

April 1st, 2020 - The South Korean Government announced further measures to support domestic businesses during COVID-19.

NUMBER OF INTERVENTIONS

2

  • 2 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

South Korean Ministry of Economy and Finance, April 1st, 2020. (제3차 위기관리대책회의 개최(코로나19 관련 업종별 지원방안 Ⅲ))
http://www.moef.go.kr/nw/nes/detailNesDtaView.do?menuNo=4010100&searchNttId=MOSF_000000000032974&searchBbsId=MOSFBBS_000000000028

Inception date: 01 Apr 2020 | Removal date: 31 Dec 2020

Financial grant

On April 1st, 2020, the South Korean Ministry of Economy and Finance released the official minutes to its third 'Crisis Management Policy' (hereafter, 'Minutes'), which contained several measures aimed at supporting domestic businesses' capacity to survive the negative economic impacts of the COVID-19 pandemic in South Korea.

Included in the Minutes was a provision for USD 344m (KRW 420bn) to SME mobile telephone distribution stores and telecommunication equipment construction companies, through the implementation of 'reduced fees and other incentives'.

The Minutes are applicable to the year of 2020, therefore this is how this instrument is recorded in terms of its temporal taxonomy.

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
Inception date: 01 Apr 2020 | Removal date: open ended

State loan

At the beginning of April, 2020, the South Korean Ministry of Economy and Finance released the official minutes (hereafter, 'Minutes') to its second 'Crisis Management Policy' meeting of 2020.

Contained within these Minutes was a commitment to increase investment in 5G network infrastructure providers, from USD 2.21bn to 3.29bn (KRW 2.7tn to 4tn) for 2020.

Several other measures were included in the Minutes, however these do not qualify under the GTA's reporting standards, as they are, to quote the Minutes themselves, thought of as 'small but helpful policies'.

 
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