Finance Minister Hong Nam-ki on Thursday announced a plan to create a fund of 500 billion won to provide liquidity support for the country's auto parts companies hit by the COVID-19 pandemic. 

The minister unveiled the plan while presiding over a meeting of economy-related ministers in Seoul. 

Minister Hong said the fund, which will be financed by the government and carmakers, will provide guarantees for loans for auto parts firms. He added that the public sector will buy 95-hundred cars by the end of September to further boost the sector.

For the nation's shipbuilding industry, the government will place orders for about 30 vessels for the Coast Guard this year.  

It will also execute in the first half of the year more than 90 percent of the budget allocated for purchasing uniforms of police officers and firefighters as part of efforts to support the textile and apparel industry.