South Korea To Provide $1.7 Bln To Firms Seeing Material Losses Due To Coronavirus - Seoul

Umer Jamshaid Published February 07, 2020 | 04:59 PM

The South Korean government pledged to provide $1.7 billion to small and medium-size business owners who are facing material losses due to the recent outbreak of the new coronavirus, the Finance Ministry said in a press release on Friday

SEOUL (UrduPoint News / Sputnik - 07th February, 2020) The South Korean government pledged to provide $1.7 billion to small and medium-size business owners who are facing material losses due to the recent outbreak of the new coronavirus, the Finance Ministry said in a press release on Friday.

"Following the tax and customs supports announced at the February-5 meeting, the government has decided to provide a total of 2 trillion won [$1.7 billion] worth of financial support for SMEs [small and medium enterprises] and small merchants," the ministry said

According to the press release, the country's automobile industry was hit hardest, as many facilities located in China were forced to close.

Seoul planned to negotiate with the Chinese regional governments on the reopening of the facilities belonging to the South Korean companies, and also looked for alternative options.

Seoul also promised financial support to the country's tourism sector.

Earlier in the day, the South Korean health authorities confirmed a new case of coronavirus on its soil, bringing the total number of infected people to 24.

China first detected the novel strain of coronavirus in Wuhan in late December. It has since spread within China and to more than 20 countries, with more than 630 confirmed deaths worldwide and over 31,000 infected.