S. Korea announces 'Post COVID-19 Industry Strategies' to cope with changes caused by COVID-19

2020-05-06 110

산업부, 생활방역 전환 속 코로나 이후 5대 변화•8대 대응 과제 제시

South Korea is working to rearrange parts of its economy in response to the pandemic.
Based on the changes, a new set of strategies from the government will encourage companies to seek new sources of revenue, adopt new technologies and more.
Eum Jiyoung reports.
The Ministry of Trade, Industry and Energy has announced guidelines dubbed "Post COVID-19 Industry Strategies" and announced countermeasures to cope with changes in sectors affected by the COVID-19 outbreak.
At a meeting with industry officials and experts presided over by the minister for trade, industry and energy on Wednesday, 8 strategies for 5 different sectors were introduced.
The five areas that have seen major changes due to the pandemic are healthcare, the economy, corporate management, social values and trade.
The ministry said the government will reorganize its global value chain in an effort to secure production of health-related products to guarantee supplies in future pandemics.
It will also make efforts to support the export of Korea's bio-tech products and "K-quarantine" measures so that they can become part of the "Korean Wave".
The government will also promote non-contact industries including online education and distribution through technologies including 5G and other digital infrastructure.
Also, to counter low oil prices, the government will nurture eco-friendly businesses.
In terms of corporate management, the government will reorganize projects in key industries including automobiles and steel to promote investment.
The government will also promote solidarity between conglomerates and small and medium sized businesses.
And it plans to put in efforts to promote free trade.
Eum Ji-young Arirang News.