Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok said on 1st, "I will focus on supporting the management stability, investment, and recovery of employment for corporations in Yeosu City over the next two years."
Choi chaired the 'Economic Relations Ministers Meeting and Industry Competitiveness Enhancement Ministers Meeting' at the Government Seoul Office and made this statement.
He said, "We designated Yeosu City, which is concerned about local economic recession due to the sluggish petrochemical industry, as an 'area for preemptive response to industrial crises' and will provide emergency management stability funds to corporations that have seen a decline in sales."
He continued, "We will support policy finance maturity extension (1+1 year) and preferential guarantees for partner companies, and we will also prioritize support for research and development (R&D) investment in environmental and high value-added materials, as well as employment stability assistance programs." The government plans to also devote efforts to restructuring projects to fundamentally strengthen the competitiveness of the petrochemical industry.
Regarding the comprehensive plan for managing empty houses, Choi said, "We will enact a special law for managing empty houses to establish maintenance plans and create management obligations for the state and local governments."
Choi stated, "We will conduct a survey on the status of empty houses annually based on national statistics and promote regeneration projects using funds to respond to local extinction."
He added, "We will provide transaction information on empty houses and tailored utilization plans based on artificial intelligence (AI) analysis through the 'Empty House Love' platform and will strengthen incentives for voluntary management by empty house owners."
The government plans to relax building regulations such as floor area ratio when empty houses are linked to urban maintenance projects. Additionally, if the land of empty houses is utilized for public purposes, the property tax reduction period will be extended to the entire utilization period, lowering the tax burden.
During this meeting, a revision proposal for the criteria for the scope of small and medium enterprises was also discussed. Choi stated, "Considering the urgent requests from small and medium enterprises, we will adjust the sales criteria for the first time in 10 years and will diversify the sales criteria from the existing 10 segments to 16 segments."
He said, "The maximum limit will be raised from 150 billion won to 180 billion won and a revision plan for the enforcement decree of the Basic Act on Small and Medium Enterprises will be legislatively announced and expedited this month."
Choi noted, "I will continue to manage and supplement the major policies that have been pursued so that their effects can become more visible."
In relation to this, he said, "We will closely support the growth and globalization of promising small and medium enterprises and will complete the establishment of the Singapore K-Global Fund by next year."
He added, "Since tariff damage may expand, especially among small and medium enterprises, we will quickly prepare additional support measures."
Choi also said, "I will monitor the market monthly to ensure that the effect of lowering material costs leads to stabilization of construction costs and will conduct regular crackdowns on illegal and unfair practices."
He concluded, "I will thoroughly analyze the factors behind the sluggishness in the institutional sector of construction and seek various measures to revitalize the construction industry."