South Korea will inject an additional 5 trillion won (US$4.69 billion) worth of policy funds this year to revive the slowing economic recovery, the finance ministry said Wednesday.
The injection is in addition to 26 trillion won that the government had set aside for this year as part of its 41 trillion won worth of stimulus measures.
The government also plans to allow more duty-free shops to open in Seoul and other major cities in a bid to bolster consumption by foreign travelers, including a growing number of Chinese tourists.
It, however, did not elaborate on how and when shops will be allowed to open.
The government also plans to lift a 19-year-old age limit for consumers to enter duty-free shops on the southern resort island of Jeju.
These measures are part of government efforts to help boost domestic demand and the slowing economic recovery. They also come amid growing concerns that the weakening yen could hurt price competitiveness of small and medium-sized exporting companies.
To help those companies exposed to the currency risks, the government plans to ease the currency insurance burden for companies selling goods to Japan.
The government seeks to provide tax benefits, including tariff exemptions, to companies purchasing facilities by capitalizing on the falling value of the Japanese yen. (Yonhap)
