Hyundai is offering an anti-bacterial disinfecting service for car interiors to customers who visit its BlueHands service centers. (image: Yonhap)
SEOUL, June 26 (Korea Bizwire) – As the Middle East Respiratory Syndrome (MERS) virus and drought devastate the local economy, Korean companies and local government bodies are implementing various measures to boost the economy.
On June 25, Hyundai Motor, the largest automaker in Korea, decided to offer a grace period of three months to those who purchased Hyundai cars through its subsidiary Hyundai Capital. Thanks to the program, self-employed individuals and small business owners can postpone their monthly auto payments for three months.
Along with postponing payments, those who buy Hyundai models qualifying for discounts have a choice of receiving either the discount or 110 percent of the discount as a gift certificate that can be used at traditional markets.
For example, those who buy a Hyundai Grandeur, which qualifies for a 500,000 won discount during the month of June, can choose the discount or Onnuri Coupons worth 550,000 won.
In addition, Hyundai is offering an anti-bacterial disinfecting service for car interiors to customers who visit its BlueHands service centers.
KT, the second largest communications company in Korea, will offer 12 billion won in Onnuri Coupons to its employees as a summer vacation bonus. The company will distribute the coupons early next month, and expects to give a boost to the local economy by having its employees visit local traditional markets and purchasing goods there.
Its trade union, meanwhile, will hold a campaign to buy goods at traditional markets nationwide. The company is exempting phone bills for those who were confirmed to be MERS patients or quarantined due to the virus.
On the other hand, SK Group, the third largest family-run conglomerate in Korea, is holding a blood donation campaign with gift certificates that can be used at traditional markets bring offered to donors. On June 25, it launched the campaign at its headquarters in Seoul’s Jongno district. The campaign will last until July 8, and the group will grant an additional donation of 100,000 won worth of Onnuri Coupon per blood donation by its workers.
Meanwhile, adding insult to injury, as farmers are suffering not only from a drop in consumption due to MERS and severe drought, local government bodies and public agencies are launching campaigns to purchase agricultural products from the most-affected areas.
Gyeonggi Province will sell agricultural products from Pyeongtaek, the epicenter of the disease, through its Internet shopping mall, “Gyeonggi Cybermarket.” Dongducheon city is also holding a campaign to buy Pyeongtaek products.
Along with the efforts from companies and local government, the central government is mulling supplementary spending to help overcome the economic fallout from the spread of MERS and drought.
The proactive countermeasures including a supplementary budget will be taken in order to boost the economy at the earliest time possible.
As of June 26, South Korea reported two additional deaths from the virus, along with a new case that put the total number of people diagnosed with the disease at 181.
By John Choi (johnchoi@koreabizwire.com)
