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Public sector investment to reach US$ 45 bil. this year: Finance ministry Updated: 2019-09-04 16:29:19 KST

South Korea's Finance Ministry has announced a range of plans to boost the economy, including more investment from the public and private sectors.
With exports weak, the idea is to revitalize domestic consumption.
In a meeting Wednesday with related ministers, finance minister Hong Nam-ki said investment by public institutions will reach some 45 billion U.S. dollars within the year, an increase of around 825 million dollars from earlier plans.
Public companies, including the Korea Land and Housing Corporation, will invest more funds to expand social overhead capital, building more public housing, roads and electrical grid infrastructure.

The government will also redirect around 1.4 billion dollars to boost overall investment and the domestic economy.
And the finance ministry, Hong said, will encourage local governments make use of subsidies that amount to some 8.7 billion dollars.

More private investment projects will be launched including the building of logistics centers for global e-commerce as well as shopping malls, while easing loan conditions for those buying homes that've gone unsold for a long time.
To help exporters, insurance premiums for exchange rate fluctuations will be lowered, and more loans will be made available to small- and mid-sized exporters.

To boost consumer sentiment, the government plans to provide more subsidies for those buying home appliances and issue more gift certificates for use at traditional markets or small businesses.
Drivers will get discounts on tolls until mid-October, and more young people will be eligible special tour packages on Korea's national rail system.
Yoon Jung-min, Arirang News.
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