Korea designates Yeosu as 'industrial crisis response area' to support petrochemical firms

Korea has designated the southwestern city of Yeosu as an "industrial crisis response area" to help the ailing regional economy amid a slump in the petrochemical industry based in the area, the finance minister said Thursday. Finance Minister Choi Sang-mok made the announcement in an economy-related ministers meeting, vowing efforts to support petrochemical companies in the city located 315 kilometers south of Seoul, boost investment and restore the job market there. The government plans to inject emergency liquidity into companies suffering from weak sales and help with the petrochemical industry's research and development projects aimed at developing eco-friendly and high-value products. Korea also plans to raise the sales threshold for companies to be considered a small and medium-sized enterprise (SME), allowing more firms to enjoy government support for SMEs, according to Choi. The proposed change, if realized, will mark the first of its kind in 10 years. On trade negotiations with the U.S., Choi said the government will "fulfill its responsibility to the very end" to ensure that esWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times