President Moon Jae-in announced a massive relief package worth 40 trillion won to help South Korea's basic industries overcome the crisis from the novel coronavirus pandemic and to protect the country's job market.

At an emergency economic council session on Wednesday, Moon said some of the businesses in key industries that are the backbone of the economy and employment are struggling, despite the government's temporary financial support or supply of liquidity.

Hard-hit key industries include aviation, oil refinery, shipping, shipbuilding and car production.

Moon pledged to mobilize all means to protect them, including investment and payment guarantees. But those receiving state support will be obligated to stabilize employment and face restrictions on dividends and reacquiring of treasury shares.

Moon announced a separate package worth ten trillion won to cushion the COVID-19 impact on the country's job market.

The president also instructed officials to push for the Korean-version of the "New Deal" involving major national infrastructure projects for job creation.