The Korea Institute of Ocean Science and Technology (KIOST, President Kim Woong-seo) is actively engaging in social contribution activities with the aim of overcoming the contraction of the local economy caused by the prolonged novel coronavirus (COVID-19) pandemic and providing support to vulnerable groups through such means as in-kind donations of KRW 83 million.

More specifically, KIOST purchased specialty goods of Busan, including agricultural products (tomatoes, etc.) and fishery goods (semi-dried rockfish and fish cakes, etc.), valued at KRW 47 million and took the step of delivering flowers to the homes of employees who had received a promotion, instead of holding the usual ceremony. KIOST is also ensuring that flower baskets and flower pots in public spaces on its premises are changed regularly as a means of helping flower farms, while leading efforts to boost the local economy by rolling out a campaign calling for everyone to make a Dongbaekjeon (blockchain-based local currency issued by Busan Metropolitan City to boost the sales of small businesses in the city) card.

In addition, the institute donated face masks and hand sanitizer to vulnerable groups through local authorities in the jurisdictions of the KIOST headquarters and its branch office and plans to donate KRW 21 million in funds raised through the voluntary efforts of its employees, including President Kim’s donation of his monthly salary.

To prepare for the great changes expected to take place after COVID-19, KIOST launched the “Post COVID-19 Team” and adopted three top priority areas: utilization of R&D capacity, granting of support to small and self-employed businesses, and provision of livelihood support. This includes measures designed to support small- and medium-sized enterprises and venture companies in marine-related fields and help them use this crisis as an opportunity to grow. KIOST intends to provide technology assistance and build a technology transfer system to improve the production capacity and revenues of businesses, dispatch experts to companies that require technical staff for a certain period of time, and transfer its technology knowhow to businesses in need.

 KIOST President Kim Woong-seo commented, “KIOST intends to take the lead in vitalizing the local economy and provide assistance to those working in the farming and fishing industries and is committed to supporting the livelihoods of the Korean people by devising detailed measures that will help us prepare for the post-COVID-19 world.”