As the coronavirus situation is expected to change rapidly in the future, the Korean government as well as the business and financial community are urgently preparing emergency measures related to the development of the industry.

Thirteen related ministries, including the Ministry of Trade, Industry and Energy, Ministry of SMEs and Start-ups and Ministry of Environment, will collaborate together to push forward a ‘Post-Corona Industrial Strategy’ over the possibility of a re-organised global industry and economy, while examining support measures and arranging additional supplementation or improvement through the response team.

However, industry experts claim that at the centre of this strategy, it will also be necessary to prepare measures for the stable production and supply of materials.

Economic crisis

The Korean economy is now in a total economic crisis with a slowdown in exports in the aftermath of the coronavirus, a downward trend in manufacturing operations due to sluggish domestic demand, a delay in the turnover of funds, and bankruptcies from the deterioration of business.