Deputy Prime Minister and Finance Minister Koo Yun-cheol said the petrochemical industry "got off to a good start" by meeting its self-imposed deadline and demonstrating stronger commitment to capacity cuts than initially expected.
"Business restructuring plans from 16 companies across three industrial complexes were all submitted ahead of the December 31 deadline, with some companies beyond the voluntary agreement also filing additional plans," Koo said at a joint meeting of economy-related ministers and industrial competitiveness ministers held at the Government Complex Seoul on Wednesday.
"If the plans are faithfully implemented, we expect to achieve the initial capacity reduction target of 2.7 to 3.7 million tons," the minister said. "For the Daesan No. 1 Project, which was the first to submit its plan, we will swiftly prepare support measures along with business restructuring approval early next year."
The meeting also covered measures to promote small and medium-sized enterprise succession through mergers and acquisitions, plans to expand exports of Korean consumer goods, a roadmap for the Global Voluntary Carbon Market, and policy directions for social enterprises next year.
Officials also explained flexible tax rate measures including an extension of fuel tax cuts. The fuel tax reduction set to expire at the end of this month will be extended by two months, while the individual consumption tax cut on automobiles, originally scheduled to end this year, will be extended for six more months.
Support for kerosene and LPG energy vouchers will be expanded to help vulnerable groups stay warm during winter. The government will also continue offering discounts of up to 50 percent on 26 agricultural, livestock, and fishery products through year-end, and expand the "Geunyangdeurim" program, which provides up to 20,000 won worth of food and daily necessities to those in need, to more than 70 locations nationwide.
"The government will carefully ensure that warmth reaches people's livelihoods during this cold winter," Koo said. "We will strengthen weak links in the economy and foster new growth engines to build a solid economic structure for Korea's renewed leap forward."
