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S. Korea to offer 2 tln won in financial support to small merchants amid virus fallout

All News 09:05 February 07, 2020

SEOUL, Feb. 7 (Yonhap) -- South Korea will provide 2 trillion won (US$1.7 billion) in financial support to small merchants who are expected to take a hit from the rapid spread of the novel coronavirus, Finance Minister Hong Nam-ki said Friday.

South Korea also plans to begin consultations with China's local governments to ask them to resume operations of their auto parts plants, Hong told a meeting with economic ministers.

The virus outbreak has already disrupted the supply of auto parts in South Korea. Hyundai Motors and Kia Motors said they have suspended some of assembly lines here due to shortages of parts from China.

The move comes as the rapidly spreading coronavirus, which originated in China, could cast a shadow on the nation's fragile economic recovery.

Hong said the government is closely monitoring the industries that are expected to be affected most by the virus fallout, such as exports, hotels and restaurants, transportation services and small businesses.

Finance Minister Hong Nam-ki speaks at a meeting with economic ministers on Feb. 7, 2020. (Yonhap)


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