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Yoon's gov't to offer 3 tln won support to tourism industry for 5 yrs

All News 14:10 May 02, 2022

SEOUL, May 2 (Yonhap) -- The incoming government of President-elect Yoon Suk-yeol plans to spend 3 trillion won (US$2.37 billion) for five years from next year to help rehabilitate the tourism industry, which has been hit hard by the prolonged COVID-19 outbreak, the transition team said Monday.

The new government will boost the post-COVID-19 recovery of the tourism sector through public-private tourism revitalization projects and the revision of the Tourism Promotion Act as well as through financial support, the team said.

Financial support will continue to be expanded until the crisis-hit tourism industry recovers, it said, noting low-interest and special loans worth a total of 3 trillion won will be offered to the sector for five years from next year.

Transition committee officials announce policy plans to revitalize the tourism industry at the committee office in Seoul on May 2, 2022. (Pool photo) (Yonhap)

In addition, repayment deferrals and interest reductions will be reviewed for loans from the tourism promotion development fund and the provision of special employment-related benefits for the tourism sector, set to expire at the end of this year, will be extended, it said.

The transition team also said the new government will push for the revision of the Tourism Promotion Act, enacted in 1987, to keep pace with the new and changing tourism environment.

Public-private projects under review by the incoming government to revitalize domestic travel and attract foreign tourists include the promotion of local destinations for summer vacation, the linkage of Seoul's annual tourism festival and the Korea Grand Sale, a shopping festival for foreign visitors, and the designation of next year and 2024 as "Visit Korea" years.

The Yoon government will expand tourism exchanges and cooperation with China and Japan, and simplify the immigration process for tourists from those countries. It will also pay attention to fostering tourism ventures and select about 1,200 innovative technology businesses that will receive support at each stage of growth.


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