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S. Korea to Utilize 'K-Quarantine' Model to Enhance Economic Cooperation

Written: 2020-04-27 15:25:33Updated: 2020-04-27 15:35:30

S. Korea to Utilize 'K-Quarantine' Model to Enhance Economic Cooperation

Photo : YONHAP News

Anchor: In proactively responding to the fallout from the coronavirus pandemic, Finance Minister Hong Nam-ki pledged to make use of the country's quarantine experience in seeking enhanced international cooperation. Seoul is also expected to put forth measures to support South Korean firms win bids for overseas infrastructure projects.
Choi You Sun reports.

Report: At a meeting with officials on Monday, Finance Minister Hong Nam-ki vowed to turn the COVID-19 crisis into an opportunity by actively utilizing "K-Quarantine," or the country's quarantine model, to expand into new markets and promote national status.

Stating that some 40 countries have requested South Korea share its quarantine experience, Hong said the government will provide more than 400 million U.S. dollars this year to support emerging nations with public health projects against COVID-19.

The money will come from the Economic Development Cooperation Fund.

Seoul will also offer a grace period for 26 low-income nations on debt payments worth 110 million dollars.

The government will increase the Export-Import Bank of Korea's overseas capital for the first time in more than 15 years, nearly tripling the amount from 145 million to 400 million dollars.

Referring to a 27-percent on-year drop in the country's exports in the first 20 days of April as fallout from the COVID-19 pandemic, Hong said the export-reliant economy is experiencing a "big shock" as the outbreak has crippled global trade.

The minister also raised concerns over mounting uncertainties from the oil price crash and a global decline in foreign direct investment(FDI).

Hong said the government will draw up a plan next month to help South Korean firms win bids for foreign infrastructure projects.

For the next three years, the government will more than double its Official Development Assistance(ODA) for Southeast Asia and Central Asia to seven billion dollars.

The government also plans to prepare policies for the new global economic order and global value chain in the post-coronavirus era.
Choi You Sun, KBS World Radio News.

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