Gov't to Give Import Duty Privileges to Firms Importing Japanese Equipment
Gov't to Give Import Duty Privileges to Firms Importing Japanese Equipment
  • by Korea IT Times(info@koreaittimes.com)
  • 승인 2014.10.03 01:41
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SEOUL, KOREA - Choi Kyoung-hwan, Deputy Prime Minister for Economic Affairs and Minister of Strategy & Finance, said on October 2 that the government would give a variety of incentives to those firms making plants and equipment investment by taking advantage of the weak yen in the form of lower import duties and accelerated depreciation.
 
He also remarked of the current financial market instability that the government has sufficient means to respond to the strengthening won and the weakening stock market.
 
He said this in a policy forum held on the same day at the Seoul Press Center in Seoul's downtown, adding, "The government will need to respond to the weak yen against the Korean won by providing more currency change insurance support. But there are good sides of the weak yen that Korean corporations can take advantage of. For example, the government is reviewing ideas to allow firms to borrow foreign currency-denominated funds up to $1.5 million at low rates and introduce a scheme to permit them to depreciate their investment spending at an accelerated pace."
 
As to the question of the rising financial market variability of late, he said, "The government is fully prepared to counter the international market change. At the fundamental level, making the economy highly adaptive and immune to external shocks would be the best defense."

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