The incoming government of President-elect Yoon Suk-yeol plans to spend KRW 3 trillion (USD 2.37 billion) for five years from next year to help rehabilitate the tourism industry, which has been hit hard by the prolonged COVID-19 outbreak, the transition team said on May 2. The new government will boost the postCOVID-19 recovery of the tourism sector through public-private tourism revitalization projects and the revision of the Tourism Promotion Act as well as through financial support, the team said. Financial support will continue to be expanded until the crisis-hit tourism industry recovers, it said, noting low-interest and special loans worth a total of KRW 3 trillion will be offered to the sector for five years from next year. The Yoon government will expand tourism exchanges and cooperation with China and Japan, and simplify the immigration process for tourists from those countries. It will also pay attention to fostering tourism ventures and select about 1,200 innovative technology businesses that will receive support at each stage of growth.
**This article is extracted from Invest KOREA Magazine June, 2022.