South Korea unveils $32bn relief fund for core industries

Aid package to protect jobs at airline, auto and other companies

20200422N south korea shipbuilder (REUTERS)

South Korea's shipbuilding industry is one of the sectors that the government will support with a new fund. © Reuters

KOTARO HOSOKAWA, Nikkei staff writer

April 23, 2020 02:48 JST

SEOUL -- South Korea hammered out a 40 trillion won ($32.4 billion) relief fund Wednesday aimed at allowing businesses in backbone industries to keep workers on the payroll amid the coronavirus outbreak.

The emergency fund will be drawn up to fight the pandemic and safeguard jobs, President Moon Jae-in told an economic stimulus meeting. Support will go to seven key industries that employ a large number of people: airline, automobile, shipbuilding, maritime shipping, machinery, power and communications.