Automobile Industry Association asks government to provide 10.6 trillion won in liquidity
Automobile Industry Association asks government to provide 10.6 trillion won in liquidity
  • 송정훈 전문기자
  • 승인 2020.04.09 14:43
  • 최종수정 2020.04.09 14:43
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수출 차량들이 평택항에서 선적을 기다리고 있다. 사진=기아자동차
Vehicles waiting for export at Pyeongtaek Port in Gyeonggi-do. Photo: Kia Motors

[Infostock Daily= reporter Song Jeong-hoon] The Automobile Industry Association asked the government to provide more than 10.6 trillion won to supply liquidity to automakers and parts companies that are suffering from the spread of new coronavirus infections (corona 19 or COVID-19).

The Korea Automobile Manufacturers Association held a meeting to overcome the Corona 19 crisis at the Korea Automobile Manufacturers Association on the 9th and checked the current state of the automobile industry crisis and the difficulties in the industry. It also adopted proposals to prepare for demand cliffs and subsequent demand surges.

Currently, global automakers have faced a serious management crisis due to plant shutdowns. Major markets such as the US and Europe are expected to see a sharp decline in exports from April due to difficulties in normal sales due to the ban.

Domestic industry is also in a difficult situation due to shrinking demand and discontinuing overseas factories. Sales in March fell 20 ~ 30% and the decline is expected to be greater from April.

“The government’s diverse efforts to support small and medium-sized enterprises, small business owners, individual businesses and the socially vulnerable were fast and effective,” the Korea Automobile Manufacturers Association said. “It is necessary to prepare supplementary measures for the export sector even for the self-employed and small and medium-sized businesses that the government originally tried to protect.”

The Korea Automobile Manufacturers Association emphasized the need to expand liquidity supply of more than 10.6 trillion won to cope with the global demand cliff crisis.

Specific measures include the purchase of corporate bills from the first and third partner companies, the expansion of the P-CBO purchase of the Credit Guarantee Fund, the support for the supply of liquidity of finished cars, and the policy of financial support for automobile exports.

He also proposed to extend the tax payment deadline and ease the allowance requirements, including corporate tax, VAT, individual consumption tax payment or deferment, and four insurance and tax payment deadlines.

It also included a temporary exclusion of labor regulation for after Corona 19. The Special Labor Action Act (tentative name) to overcome disasters was enacted and requested to provide a basis for temporarily excluding the application of labor regulations.

The Association of Automobile Industries said that if the special law is not enacted, it is necessary to allow special extension work as an alternative measure, and to implement flexible working hours such as elasticity and selective work as soon as possible.

The Automobile Industry Association plans to submit the proposals to government ministries, the National Assembly, and the Office of State Coordination.

Reorter Song Jeong-hoon boxr@infostock.co.kr


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