The President of South Korea, moon Jae-in, warned on Tuesday that the outbreak of the coronavirus in China, the largest trading partner of the country, creates an “extraordinary economic situation,” and ordered the government to take measures to limit the consequences.
“The current situation is much worse than we thought, “said Mr. moon during a meeting of the Cabinet on Tuesday. “If the economic situation in China deteriorates, we will be one of the most affected countries“.
Mr. moon cited difficulties for South Korean companies in obtaining raw materials from China and a sharp reduction in exports to China, which is about a quarter of all South Korean exports. He also said that travel restrictions are detrimental to the tourism industry in South Korea, which largely depends on Chinese visitors.
“The government needs to take all the special actions in our power, “said Mr. moon with orders to distribute financial assistance and tax incentives to help businesses avoid the risks of coronavirus.
Also Tuesday, the air force of South Korea flew to Japan to evacuate the four citizens of South Korea who were on Board of the cruise liner Diamond Princess, quarantined cruise ship in Yokohama.
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