On December 12, Gyeonggi Province Governor Dong Yeon Kim held the first Gyeonggi Emergency Livelihood and Economy Meeting at the Gyeonggi Provincial Government Complex, calling for swift and bold policy support to restore people’s livelihoods and expressing his intention to take responsibility and provide support as needed.

“I have been in charge of economic policy for a long time and worked hard to overcome the 1997 Asian financial crisis and the 2008 global financial crisis, but we are now facing an economic crisis like no other we have ever experienced,” said Governor Kim, explaining the reason for holding the meeting. “Today, through the Emergency People’s Economic Council, I would like to explain the general direction of the measures that Gyeonggi Province is considering, and hope to use today as an opportunity to do what we can quickly.”

“We are going through a difficult time with uncertainties caused by Trump’s election, protectionist trade and the battle for hegemony over future cutting-edge industries such as semiconductors, but the bigger issue is people’s livelihoods,” he continued, announcing that Gyeonggi Province will pursue three directions in its response to restore livelihoods: focus on the fields, respond quickly and act boldly.

“I will prioritize the fields above all else,” Governor Kim said, emphasizing, “What is important now is not grand macro-policies or policy directions, but what can be done quickly and in detail. What is needed is not the bureaucracy or the repetitive measures of the past, but bold measures that break the existing administrative framework.”

At the same time, he ordered the immediate review of special loans secured by receivables for the tourism industry and related industries, the review of policy support/financing to prepare for foreign exchange losses; financial support for small and medium-sized enterprises, small business owners and the self-employed who have reached their limits, and the establishment of a business complaint window accessible to small and medium-sized enterprises, small business owners and the self-employed and able to provide responses within 48 hours.

“I hope you will break the stable administrative framework we have been operating under and take bold action, as long as it does not violate the law or rules in the course of administrative work. If necessary, I will bear full responsibility and support my staff in their work,” said Governor Kim, once again emphasizing bold action.

In line with Governor Kim’s instructions, Gyeonggi Province will increase funds for the promotion of small and medium-sized enterprises from KRW 1.75 trillion this year to KRW 2 trillion next year so as to support the management stability of such enterprises and small business owners. In addition, the province plans to continue the KRW 300 billion in special guarantees for repayment extensions of small and medium-sized loans among small business owners, which has been in effect since September, so as to reduce the burden on small business owners, and to fully implement the “Cheer Up Go Card for Small Business” from next year to support essential operating funds for small business owners. In addition, KRW 3.5 trillion worth of local currency will be issued to stimulate consumption at neighborhood stores.

To stimulate consumption investment in cities and counties, KRW 461.7 billion in December adjustment grants (originally set for December 25) will be executed early around December 20, and KRW 749.3 billion in regional development funds and other funds will be injected early once the business plans are completed immediately after the Gyeonggi Provincial Assembly approves next year’s budget. Additionally, KRW 138.9 billion in term deposits in the Fiscal Stabilization Account will be transferred to the general account as soon as they mature to be used as financial resources, and reserve funds and special adjustment grants will be actively used for local livelihood issues to stimulate the local economy.

In the tourism sector, the Gyeonggi Tourism Organization held an emergency meeting with tourism industry representatives on December 11 to analyze damage to and suggestions for the tourism industry in Gyeonggi Province and to devise countermeasures. Gyeonggi Province plans to allocate emergency funds for business stabilization and also to engage in assertive tourism marketing, such as holding the Gyeonggi Tourism Grand Festa in January and February.

Meanwhile, the Gyeonggi Emergency People’s Livelihood Council was established in accordance with Governor Kim’s instructions. At a recent emergency meeting of the three Gyeonggi vice governors, Governor Kim said, “We need measures to support people’s livelihoods, which have been damaged by the unconstitutional and illegal imposition of martial law of December 3,” adding, “Please investigate the overall damage to the people’s livelihoods, including small and medium enterprises and small business owners, and promptly formulate tailor-made, field-oriented measures led by the Vice Governor for Economy and the Economy Office.”

The Gyeonggi Emergency People’s Livelihood Council will work with relevant public institutions such as Gyeonggi’s Economy Office and its Planning and Coordination Office, as well as the Gyeonggi Credit Guarantee Foundation and private economic stakeholders such as small business owners, traditional markets, tourism associations, and small and medium-sized enterprises, with the aim of establishing field-based recovery plans for people’s livelihoods. Initially, the focus will be on gathering real-time opinions from field workers in the regional economy, including directly affected sectors such as exports and investment, as well as culture and tourism, and formulating tailor-made measures.

To this end, an emergency economic meeting will be held at least once a week, with the Vice Governor for Economy taking the lead. The plan is to do everything possible to prepare measures to restore the people’s livelihoods by focusing on the following sectors: small and medium-sized enterprises, investment and exports, and tourism and disasters. In addition, based on the results of damage surveys by sector and industry, the province will prepare comprehensive measures to restore people’s livelihoods as a whole, if necessary, by adding other sectors such as agriculture, livestock and employment.

A total of 22 people received awards, with 15 people being recognized for their contributions to exports — including CDFLEX Co., Ltd. — as well as 5 people for their contributions to the utilization of Free Trade Agreements (FTAs), and 2 people for their contributions to overseas marketing agencies.

Gyeonggi Province also recognized 79 companies with excellent results among those that started exporting for the first time in the past three years (from July 2021 to June this year) as “Export Frontier Companies” and presented them with certificates.

Of particular note, five companies — including Ronda Korea Co., Ltd., which achieved the best export performance in each of five fields: information technology (IT), consumer goods, beauty, machine materials and parts, and medical/biotechnology — were selected as “Export Rookies” and awarded trophies and certificates.

Companies certified as Export Frontier Companies receive three additional points when applying for various overseas marketing support projects in Gyeonggi Province, and the Export Rookie Awardees receive five additional points. The certification is valid for three years.

Sam-sang Seo, CEO of CDFLEX Co., Ltd., who received an award for his export contributions, established a specialized manufacturing company in 2003 to develop thermal transfer adhesive films. Through continuous research, he has developed environmentally friendly water-based products with superior adhesive strength, as well as heat and moisture resistance, which are currently exported to 35 countries. The company has trained specialized personnel and invested in facilities, environmental improvements and product development, achieving export results of USD 19.11 million last year; it is expected to realize exports of over USD 20 million this year.

Ronda Korea Co. Ltd., a semiconductor company established in 2019, was selected as Rookie of the Year. The company has expanded its domestic semiconductor market share and strengthened its overseas sales to meet the growing demand in China, the United States, Taiwan and Singapore by establishing a technology support network, and has recorded exports of more than USD 62.91 million from 2021 to the present.

In addition, 55 executives and staff members of companies and related organizations who have contributed to the revitalization of the economy of Gyeonggi Province through exports received awards such as the Minister of Trade, Industry and Energy Award (3), the Minister of SMEs and Startups Award (5), the Gyeonggi Regional SMEs and Startups Administration Award (10), the Korea Trade-Investment Promotion Agency (KOTRA) President’s Award (5), the Small and Medium Venture Business Agency Chairman’s Award (5), the Gyeonggi Business and Science Accelerator President’s Award (10), the Gyeonggi Credit Guarantee Foundation Chairman’s Award (5) and the Gyeonggi Export Enterprise Association Chairman’s Award (12).

Park Keon-kyun, Director General of the International Cooperation Bureau of Gyeonggi Province, said, “As global trade conditions have changed significantly in recent years, with nationalism and protectionism on the rise, we plan to actively respond by supporting the diversification of export destinations to eliminate uncertainties for businesses.”

Meanwhile, the event was attended by exporters from Gyeonggi Province, including Lee Je-young, Chairman of the Future Science Cooperation Committee of the Gyeonggi Provincial Assembly, Park Keon-kyun, Director General of the International Cooperation Bureau of Gyeonggi Province, Cho Hee-soo, Director of the Gyeonggi Regional SME and Startup Administration, and Kang Seong-ho, Chairman of the Gyeonggi Province Export Business Association.

About 50 people, including provincial and local officials, outside experts, Gyeonggi Research Institute personnel, Gyeonggi Housing & Urban Innovation Corporation officials, and academics attended the policy meeting held that day to discuss the proposed improvement of laws and systems pertaining to the returned grant zones and their development direction.

The council discussed clarifying the point in time for calculating the land purchase cost of returned grant zones based on the date of the decision to return, allowing the free use of returned land for public purposes, and establishing a basis for mitigating profitability declines due to reduced demand for educational, cultural and tourism facilities in areas near returned land due to low population concentrations, thereby facilitating the smooth attraction of private sector projects to long-undeveloped returned grant zones.

Following the council session, Professor Lee Hoon of Shinhan University gave a special lecture titled “Unification of Military Facilities Regulations for Northern Gyeonggi Province,” and Nam Ji-hyun, head of the Balanced Development Center of the Gyeonggi Research Institute, gave a lecture titled “Status and Tasks of U.S. Military Grant Zones in Korea.” This was followed by a site visit to the area around a camp where the Uijeongbu Returned Grant Zone Development Project was completed and to a planned development site.

Gyeonggi Province officials said they will continue to make recommendations to central government agencies on issues discussed during the policy council session and will also work with cities and counties to actively promote the development of the returned grant zones.

Approximately 10 people attended the signing ceremony held at the Gyeonggi Agricultural and Fishery Promotion Agency, including Gyeonggi Agricultural and Fishery Promotion Agency Director Choi Chang-soo, Gyeonggi Foreigner Welfare Center Directors’ Council Chair Kim Yong-guk, and Gyeonggi Foreigner Human Rights Support Center Director Oh Gyeong-seok.

The Gyeonggi Foreigner Welfare Center Directors’ Council is an organization composed of about 10 foreigner welfare centers in the province. It develops various policies to support the settlement of foreign immigrants, including medical and housing counseling and multicultural talent development.

The Gyeonggi Foreigner Human Rights Support Center is an organization that counsels foreign workers on their human rights and researches ways to protect their rights against discrimination. It also provides legal and labor advice.

The agreement aims to promote the human rights of seasonal foreign workers, whose numbers are increasing due to shortages of rural labor, so as to help them adapt to rural life and build sustainable agriculture and rural communities.

Each organization plans to provide seasonal foreign workers with communication support, such as interpretation, human rights counseling, and legal advice, and to conduct awareness-raising training with regard to seasonal foreign workers.

“We signed this agreement so that seasonal foreign workers and farmers can coexist,” said Gyeonggi Agricultural and Fisheries Promotion Agency Director Choi Chang-soo. “We will do our best to address concerns about human rights violations against seasonal foreign workers and help them smoothly adapt to rural life.”

The Gyeonggi Agricultural and Fisheries Promotion Agency is promoting Seasonal Foreign Worker Operation Management Support Project through the operation of the Gyeonggi Agricultural Human Resources Support Center, which includes on-site consultations on human rights related to the working environment of seasonal foreign workers and education to improve employer awareness.

As part of her first visit to Korea, President Díaz Ayuso traveled to Gyeonggi Province to explore opportunities for cooperation in areas such as investment, digital initiatives, and culture. The two leaders agreed on the importance of cooperation between local governments in times of global turmoil and agreed to establish a consultation channel to explore opportunities for cooperation in cutting-edge industries such as AI, startups, healthcare, tourism, and other sectors.

Noting that Alcalá de Henares, the hometown of Cervantes, the author of Don Quixote, is located in Madrid, Governor Kim said, “I have read the complete translation of Don Quixote. After serving as Deputy Prime Minister and Minister of Economy and Finance and entering politics, I have always thought about what Don Quixote’s windmills would mean to Korean society and have been striving for innovation.”

“I heard that the president is very interested in healthcare, digitalization, and cultural exchange. I also understand that she will be visiting companies in Gyeonggi Province such as Samsung, Hyundai and LG,” Governor Kim continued. “I hope we can lay a good foundation for cooperation in future investment and business development. At the same time, I look forward to more cooperation between Madrid and Gyeonggi in the fields of startups, AI and tourism.”

“The Community of Madrid is the economic engine of Spain, playing a major role in finance, insurance and education. It is also a region open to all, with a rich culture, gastronomy, and a variety of sports and entertainment events,” said President Díaz Ayuso. “Through this visit, we hope to strengthen economic, technological and cultural ties with Gyeonggi Province and the Republic of Korea.”

“When I came to Korea and saw it for myself, I felt that it is very developed not only in terms of industry and technology, but also in terms of culture,” she said, adding, “I hope to continue working with Gyeonggi Province next year.”

Governor Kim and President Díaz Ayuso promised to pay official visits to each other at the earliest convenient time.

The Community of Madrid includes the capital city of Madrid and its metropolitan area. It has the highest GDP in Spain (EUR 262 billion in 2022) and attracts more than 75% of investments in Spain. It is the economic, political and cultural center of the Iberian Peninsula and is considered one of the most active regions for startups in Spain.

Governor Kim has been expanding engagement with Spain, including discussing cooperation measures with Spanish Ambassador to Korea Guillermo Kirkpatrick in March.

Of particular note, Gyeonggi Province successfully held the “2024 Gyeonggi Startup Summit” in September in cooperation with South Summit, a global startup platform based in Madrid. Gyeonggi Province plans to cooperate more actively with Spain next year, taking advantage of the 75th anniversary of diplomatic relations between Korea and Spain.

This was the first meeting between the two leaders in six years. During his year and a half as Deputy Prime Minister and Minister of Economy and Finance, Governor Kim met with then Singapore Finance Minister Heng on several occasions at finance ministers’ meetings of various economic cooperation organizations, such as the G20 and ASEAN+3, and at the annual meetings of international financial institutions, such as the International Monetary Fund (IMF) and the Asian Infrastructure Investment Bank (AIIB). The two became friends, attending meetings together or having separate bilateral meetings to discuss strengthening economic cooperation between the two countries, and even having personal conversations.

Governor Kim expressed his happiness, saying, “I have seen the Deputy Prime Minister many times in Singapore, Argentina, the Philippines, the United States and many other places, and even though his position has changed, I am so happy to see him here in Korea.

Deputy Prime Minister Heng responded, “We have been friends since I was Finance Minister. I have met finance ministers from many countries, but the Governor has a deep knowledge of economics and finance, so I have always gained a lot from our conversations. I am very happy that you invited me to meet you in Gyeonggi Province.

On this day, six years after these two first met as ministers of South Korea and Singapore, respectively, the Governor of Gyeonggi Province (the largest local government in Korea) and the Deputy Prime Minister and Chairman of the National Research Foundation (which oversees Singapore’s R&D policy) exchanged views on cooperation in new areas such as R&D, personnel and youth exchanges for future industrial innovation.

“I look forward to greater cooperation between Gyeonggi Province and Singapore,” Governor Kim said. “I hope that there will be even better results in cooperation across all industries, including AI, big data, mobility, and semiconductors, as well as in people-to-people exchanges.”

“The similarities between Gyeonggi Province and Singapore can be summed up in two words: ‘innovation’ and ‘courage.’ Innovation for opportunity and courage for the future. On this basis, both countries have enjoyed rapid economic development,” Governor Kim continued. “We are both doing our best to lead innovation and create a better future for our people. That is why I am so excited about the opportunities that lie ahead. I believe we are partners who have a lot to offer each other.”

Deputy Prime Minister Heng said, “The Gyeonggi Province I am seeing today is a cradle of vibrant innovation and talent cultivation. As the largest province in the Republic of Korea, I believe there will be many opportunities for cooperation between Gyeonggi and Singapore in the future.”

“At a time when we are seeing leadership changes in the U.S., the U.K. and many other countries, and uncertainty is on the rise, we need to do a lot of work to deal with change,” Deputy Prime Minister Heng continued. “In this sense, I think the various programs in Gyeonggi Province that encourage young people to take on new challenges send a very good message.

After the official meeting, Governor Kim proposed the formation of a high-level working group to strengthen bilateral exchanges and cooperation, as well as to expand youth exchanges and research exchanges, to which Deputy Prime Minister Heng responded positively, saying, “It’s a good idea.”

Before meeting with Governor Kim that day, Deputy Prime Minister Heng visited the Pangyo Techno Valley Startup Campus and the Gwanggyo Techno Valley Gyeonggi Bio Hub, both established by Gyeonggi Province, and learned about Gyeonggi Province’s policies for promoting startups and supporting research and development in advanced industries.

Since the World Economic Forum in Davos, Switzerland, earlier this year, Gyeonggi Province and Singapore have maintained steady exchanges in innovation, including a meeting between Governor Kim and Singapore President Tharman Shanmugaratnam and Minister for Digital Development and Information Josephine Teo, a meeting between a delegation led by Singapore Smart Nation Authority Group Second Permanent Secretary Augustine Lee and Gyeonggi Province Vice Governor for Economic Affairs Kim Hyun-gon, and a visit to the Gyeonggi Provincial Government Complex by Singapore’s Ambassador to Korea Eric Teo. In July, 30 young people from Gyeonggi Province participated in language classes and various experiential activities at the National University of Singapore, Singapore’s most prestigious university, as part of Gyeonggi’s Youth Ladder Project. In October, Singapore Chief Artificial Intelligence Officer Dr. He Ruimin attended the Gyeonggi Global Transformation Forum hosted by Gyeonggi Province to discuss AI and Humanomics. In addition, the Singaporean government officially invited Governor Kim through the S R Nathan Fellowship, a program that invites high-level foreign officials to share their insights.

Gyeonggi Province plans to continue its efforts to expand exchanges with Singapore in various fields.

The event coincided with the 2024 Saigon Beauty Show, Vietnam’s largest beauty exhibition, raising the profile of K-beauty brands.

The K-Beauty Expo, held in Vietnam for the fourth time since 2020, featured 60 booths representing 60 beauty companies from Gyeonggi Province. K-beauty products including cosmetics, nails, hair, body care, fragrance, ingredients, fitness, spa and functional cosmetics and more were showcased to 6,496 Vietnamese visitors.

Gyeonggi Province and KINTEX supported booth participation fees and interpretation services for participating Gyeonggi companies and arranged consultations with buyers from 230 companies, achieving export consultations valued at USD 45 million.

Support was provided to promote the brands/products on local official social media sites, and export consultations were held with invited local buyers in collaboration with the KOTRA Ho Chi Minh Trade Center.

NSL Co, Ltd, which sells skin care products (basic cosmetics and cleansing products), had a total of 15 consultations with major buyers at the event, establishing a bridgehead for developing its Southeast Asian market. Speaking about their participation, a company representative said, “This is the first time we have participated in an overseas beauty exhibition, but there were more visitors than we expected and many buyers interested in exclusive contracts… The Gyeonggi-supported interpreter also worked hard at the booth for three days, which contributed to the good results, and we will definitely participate again next time.”

“The high level of interest has confirmed the potential of Gyeonggi Province’s beauty companies to successfully enter Vietnam… We will continue to expand overseas sales channels for small and medium-sized beauty enterprises through various support measures,” said Kim Seong-beom, Director of the Bio-Industry Division of Gyeonggi Province.

The K-Content Intellectual Property Convergence Production Support Project has been propelled by Gyeonggi Province since 2023. Its aim is to help small and medium-sized content production companies in the province strengthen their competitiveness through the discovery of successful models of multifaceted convergence with cutting-edge technologies and various genres and industries using superior intellectual property (IP).

This year’s event saw the participation of seven of Korea’s top IP conglomerates – Kakao Entertainment, Naver Webtoon, Hyundai Department Store, YG PLUS, SAMG Entertainment, Smart Study Ventures and Smilegate – up from five last year. Six new companies also participated as test beds for the 12 completed convergence IPs, as well as demonstration and distribution outlets to expand exhibition opportunities.

The event featured SAMG Entertainment’s popular animation “Catch! Tiny Ping,” Naver Webtoon’s “No Home,” Kakao Entertainment’s “Acorn Culture Center,” Hyundai Department Store’s character “Whitey,” YG PLUS’ “Crunk,” Smilegate’s meta-human “Han Yoo-ah” and other popular IP, including realistic content, merchandise and music videos. The performance exhibition, which runs simultaneously in four areas on the first floor of Starfield Suwon, provides a space to experience and enjoy this content.

Of particular note, “KIP Festa: Route Exploration” will present a new route for the content IP sector, enabling visitors to complete missions and win various prizes by visiting each exhibition space in turn.

As part of the event, a presentation of the outcomes will be held on November 15 (Friday) at the Megabox theater on the 7th floor of Starfield Suwon. The small and medium content producers involved in the 12 funded projects will share their stories of how they were able to shape their ideas and bring them to market. There will also be group discussions and networking sessions with key partners and participants sharing their visions.

“This presentation is not just a content exhibition, but the first to showcase a total of 12 convergence outcomes using the intellectual property rights of small and medium-sized content production companies, as well as the results of cooperation and symbiosis between large and small companies… Gyeonggi Province will continue to maintain a triangular formation with large and small content production companies so that creative ideas can lead to the strengthened competitiveness of K-content,” said Kang Ji-sook, Director of the Content Industry Division of Gyeonggi Province.

This forum, hosted by Gyeonggi Province and organized by Seoul National University Bundang Hospital, was designed to help medical industry companies in the province develop strategies for international certification and successfully enter the global market.

Domestic and international medical device and digital healthcare experts and company representatives shared various cases and explored certification procedures in major American, European and Asian markets, as well as strategic cooperation plans for companies to expand overseas.

Specifically, the event saw the discussion of the following topics: K-bio in the global spotlight and realizing full-fledged growth (Amazon Korea representative); overseas expansion strategies of domestic medical device companies (including digital healthcare companies; Samjeong KMPG Director Choi Yoo-jin); medical device expansion strategies in China and Southeast Asia (Korea Testing & Research Institute Director Jang Dong-hyeok); overseas expansion experiences and cases of domestic technology-based digital therapeutic devices (Emocog Noh Yoo-heon); and more.

Gyeonggi Province has been promoting its Medical Industry Cooperation Support Project with Bundang Seoul National University Hospital since 2020. The main initiatives include a mentoring program to connect experts one-on-one in key fields (medical, investment, licensing) for technology development, research seminars that enable the sharing of ideas in the medical field among industry stakeholders, forums to share the latest trends in the medical industry’s overseas expansion, and support for clinical trials/analytical tests to evaluate market entry.

“This forum is an important opportunity to strengthen the global development capabilities of the medical industry in Gyeonggi Province and expand cooperation among companies… We will continue to provide the administrative support necessary for medical companies and others to resolve difficulties in the technology and product development process and enhance their international competitiveness,” said Yoo Kwon-soo, Director of the Medical Resources Division of Gyeonggi Province.

Gyeonggi Province announced on October 25 that a delegation from the province, led by Governor Kim, will visit Austria and the Netherlands, located in central Europe, from October 27 to November 2 to build a bridge for the expansion of Gyeonggi Province companies into Europe.

Governor Kim visited the eastern U.S., including New York City, for five days and seven nights from October 15 to 21 to build partnerships with New York Governor Kathy Hochul and Virginia Governor Glenn Youngkin, and to attract a total of KRW 2.1 trillion in investment.

In the Netherlands, he will first visit the headquarters of ASM and ASML, two of the world’s leading semiconductor equipment companies, to discuss investment cooperation.

Founded in 1968, ASM is a global semiconductor equipment company with annual sales of KRW 3.8 trillion. It is a market leader in atomic layer deposition (ALD) technology, which is essential for semiconductor production.

Founded in 1984, ASML is the world’s leading supplier of semiconductor equipment for lithography, a key process in semiconductor manufacturing, with annual sales of EUR 27.6 billion (KRW 40 trillion in 2023). It is the only company capable of producing equipment for extreme ultraviolet (EUV) lithography (the process of forming circuit patterns on silicon wafers), which is essential for advanced semiconductor manufacturing.

Global cooperation in high-tech industries will also be strengthened. Governor Kim will meet the Minister of Labor and Economic Affairs of Austria, a ‘powerhouse of small and medium-sized enterprises,’ to expand economic and industrial cooperation, and sign a new friendship agreement with the Dutch province of North Brabant, a high-tech industrial center.

He will also be a keynote speaker at the opening ceremony of the 28th World Korean Economic Congress, which will be attended by some 3,000 businesspeople from around the world, and is expected to play a leading role in helping Gyeonggi Province companies expand into Europe, centered around the Gyeonggi Pavilion at the event venue.

“In Austria, which is located in the center of Europe, we will meet with local political and business figures and take on problem-solving roles for Gyeonggi Province companies expanding into Europe. In the Netherlands, we will not only strengthen international exchanges but also actively discuss investment cooperation with high-tech semiconductor equipment companies,” said a Gyeonggi Province official. “We will continue to achieve significant results after our trip to the U.S.”