Moon calls for all-out efforts to minimize economic fallout from coronavirus outbreak

The Korea Times

The Korea Times

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Tue, September 26, 2023 | 04:19

Politics

Moon calls for all-out efforts to minimize economic fallout from coronavirus outbreak

Posted : 2020-02-04 16:44

Updated : 2020-02-04 18:12

President Moon Jae-in, second from left, presides over a Cabinet meeting at Cheong Wa Dae, Tuesday, to discuss measures to contain the coronavirus outbreak. Yonhap

By Jung Da-min

President Moon Jae-in has called for all possible measures to minimize the possible impact and damage from the new coronavirus, amid fears that the outbreak could be prolonged.

"The economy and livelihood of the people are facing difficulties again due to unexpected factors. Even people's daily lives have been constrained due to the new coronavirus, which has impacted consumption, tourism, culture and leisure," Moon said during a Cabinet meeting at Cheong Wa Dae, Tuesday.

He said the outbreak was having a negative influence on consumer sentiment and domestic demand, which had been showing signs of a recovery. "While China accounts for a quarter of Korea's exports and Chinese tourists represent a third of all foreign visitors to Korea, factories in China have been shut down, causing failures in supply chains of parts, and Chinese travelers have stopped coming. This has already damaged Korea's exports and tourism industry."

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The President said it was important for the central and local governments to closely cooperate while also strengthening their communication with businesses, especially companies operating in China, together with small- to medium-sized enterprizes that have either difficulty in securing parts supplies or exporting to China.

Moon called on local governments to strengthen their support for local industries and tourism. "I also urge them to closely cooperate with the central government to prevent the virus from spreading and to heed all necessary measures and precautions," he said.

In addition to presidential secretaries and ministers, the meeting was also attended by Seoul Mayor Park Won-soon and Gyeonggi Provincial Governor Lee Jae-myung, as well as North Chungcheong Province Governor Lee Si-jong and South Chungcheong Province Governor Yang Seung-jo, where each of two state-run facilities housing Korean evacuees from the Chinese city of Wuhan, the outbreak epicenter, are located.

damin.jung@koreatimes.co.kr