Policy announcements postponed as flooding takes priority

Economy

Published: 09 Aug. 2022, 18:38 Updated: 09 Aug. 2022, 19:06

Policy announcements postponed as flooding takes priority

Minister of Trade, Industry and Energy Lee Chang-yang, center, holds a meeting reviewing the damage from the heavy rain at the Seoul government complex on Tuesday. [MINISTRY OF TRADE, INDUSRY AND ENERGY]

Several policy announcements have been postponed due to the flooding.

This includes an apartment supply plan that was to be introduced.

Finance Minister and Economics Deputy Prime Minister Choo Kyung-ho was supposed to hold a meeting on Tuesday and announce the Yoon Suk-yeol's government first apartment supply plan.

During the campaign, Yoon promised a minimum of 2.5 million new apartments.

The meeting Tuesday was to discuss key issues, including easing regulations on refurbishing and rebuilding in aging cities.

The meeting was at first postponed from 8 a.m. until 2 p.m. But as Seoul was still in a state of chaos and numerous deaths were reported, the meeting was called off.

No new date was set.

"The meeting was canceled at the request of the Ministry of Land, Infrastructure and Transport, which is the main government department on the issue," said a Finance Ministry official. "The decision to postpone came from the judgement that focusing on the recovery from the heavy rain is more important than real estate measures."

The Finance Ministry and the Land Ministry said they will set the date on the announcement this week.

A meeting between the private sector and the government to discuss stabilizing food prices, which was also supposed to be held on Tuesday, was canceled.

Vice Minister of Agriculture, Food and Rural Affairs Kim In-joong was supposed to host the meeting.

Instead, the government held an emergency meeting addressing the current natural disaster.

A traditional market in Dongjak District in Seoul on Tuesday after heavy rains. [YONHAP]

An energy safety emergency team meeting was held headed by the Vice Minister of Trade, Industry and Energy (MOTIE) Park Il-jun.

The meeting was focused on the inspection and restoration of electricity in areas where the power has been shut off. Government officials and representative from Korea Electric Power Corp., Korea Electrical Safety Corp. and Korea Gas Safety Corp. attended.

"There have been several cases of electrical accidents and power outages because of the heavy rain on Monday, particularly in southern Seoul, southern Gyeonggi and Incheon," said a MOTIE official. "As such, we are holding an emergency safety inspection, including of electrical facilities and electric vehicle chargers, especially in flooded areas."

The inspection extends beyond power grids to include renewable energy facilities, including windmills and solar panels.

While the rain hit farms hard, small companies were also affected.

Several small production plants in an industrial complex in Siheung city, Gyeonggi, reported damage after the water flooded in.

No major manufacturers reported damage.

"Because it continues to rain, I've decided to tell my employees to take the rest of the day off," said a small optical device manufacturer owner in Seongnam, Gyeonggi. "But since their already in the office, I'll send them off after buying lunch."

BY LEE HO-JEONG, CHO HYUN-SOOK [lee.hojeong@joongang.co.kr]