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S. Korea to boost support for MERS-hit tourism industry

According to Yonhap News,

(JEJU=Yonhap News) The government will increase support for the MERS-hit tourism industry to up to 1 trillion won, a senior government official said Friday

Speaking to tourism industry officials and merchants on Jeju Island, Vice Finance Minister Bang Moon-kyu said the government is assessing the economic impact of the respiratory illness on Asia's fourth-largest economy, and plans to add some 430 billion won (US$383 million) to the already earmarked amount of over 500 billion won.

The scenic island of Jeju, located off South Korea's southern coast, has been one of many places feeling the pinch brought on by MERS. Before the outbreak, the island was particularly popular with Chinese tourists, with the influx hitting 2.86 million in 2014, up 58 percent from the year before.

"Every effort is being made to provide assistance to people and businesses that have been hurt," he said.

Bang said that although the bulk of support will be in the form of loans, a substantial sum will be also given as subsidies and grants that do not require repayment.

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Source Text

Source: Yonhap News (Jul. 03, 2015)