The government will tentatively provide special tax breaks for private sector facility investment in the second half of the year.

The move is part of a series of government economic policies introduced Wednesday for the latter half of the year at a meeting chaired by Finance Minister Hong Nam-ki.

The government plans to double the tax credits conglomerates can receive for facility investments made to boost productivity. Large companies take up around 80 percent of all facility investment in Korea.

The government will also widen the scope of its accelerated depreciation mechanism that allows businesses to postpone corporate tax payments in the early stages of an investment this year.

Efforts will be made to encourage public and private investment projects worth ten trillion won or more, and seven-and-a-half trillion won will be provided to boost exports and more than ten trillion won to foster new industries. 

Further, the government will provide a 70 percent individual consumption tax reduction through the end of the year for new car purchases if the new car replaces a vehicle 15 years or older.