for the startups willing to expand their business in US market.
by 4pm on Friday, July 2nd
By Lee Hana
Minister of Foreign Affairs Kang Kyung-wha on April 13 confirmed that Korea will export some 600,000 test kits for COVID-19 to the U.S.
"The contract to send 600,000 test kits to the U.S. has been signed and they should be ready for shipment soon," she told France 24, a publicly owned French TV network, in an interview. "They were quickly approved by the (U.S.) Food and Drug Administration as the result of a phone conversation between President Moon Jae-in and President Donald Trump last month."
"We are also sending test kits to many other countries as well as the U.S."
Asked if she feared a second wave of COVID-19, the minister said, "(Among) those who fully recovered and were released, several tested positive again a few days after."
"We do not fully know the nature of the (coronavirus), and are learning that we have much more to learn about how it travels while simultaneously developing cures and vaccines."
On if the Korean government will enforce stricter travel measures given the increasing number of cases from those arriving from abroad in the country, Minister Kang said, "We've found many confirmed cases among recent travelers who returned to the country from overseas travel, but this is a global challenge."
"It's not enough to contain the disease inside one country; this is a challenge we must overcome together as a global community."
By Lee Kyoung Mi and Lee Hana
Korea and the U.S. have agreed to a massive currency swap that Korean monetary authorities say will help stabilize the domestic foreign exchange market reeling from the COVID-19 outbreak.
The Bank of Korea on March 19 said the swap is worth USD 60 billion with the U.S. Federal Reserve System and will be in place for at least the next six months, or until Sept. 19.
The agreement is expected to help stabilize the dollar market in Korea. The U.S. has similar deals with Denmark, Norway, Sweden, Australia, New Zealand, Brazil, Mexico and Singapore.
The arrangement will allow Seoul and Washington to provide bilateral liquidity by swapping KRW for USD. The deal is the second of its kind since 2008, when both countries agreed to swap USD 30 billion to protect the Korean market from the effects of the U.S. subprime crisis.
The central bank said it would stabilize the domestic USD market as soon as the currency swap came through, adding that it hopes the arrangement will help protect the domestic market from soaring dollar demand due to the pandemic.