Gokseong-gun Signs Business Agreement with Agricultural Cooperative for Local Gift Certificate Agency Services

Revitalizing the Local Economy through Active Distribution of Gift Certificates by Gokseong-gun and Regional Financial Institutions

5-10% Discount Sales, Word of Mouth Says Better than Bank Deposits

[Asia Economy Honam Reporting Headquarters Reporter Kim Chunsu] Gokseong-gun, Jeollanam-do announced on the 12th that it signed a business agreement for the Simcheong Gift Certificate agency with the Gokseong-gun branch of Nonghyup, five unit Nonghyup cooperatives, and the Livestock Cooperative on the 11th.

This agreement was made to reflect the revisions following the amendment of the 'Gokseong Simcheong Gift Certificate Operation and Management Ordinance.' The agreement includes setting exchange and redemption limits for affiliated stores to strengthen cooperation with financial institutions, and raising the sales and exchange fees for the gift certificates.

Additionally, it was arranged so that gift certificates can be easily purchased at Nonghyup and Livestock Cooperative branches and their offices. The agreement also includes measures to strengthen prevention of illegal distribution to promote the healthy spread of the gift certificates.

Gokseong-gun issued the Simcheong Gift Certificate in September 2001 to promote local consumption and prevent the outflow of circulating funds outside the region. With annual sales increasing, Gokseong-gun has established the gift certificate as a local currency, setting a goal to sell about 10 billion won worth of gift certificates this year.

In December last year, it became the first in Jeollanam-do to issue a mobile version of the gift certificate to enhance user convenience. Furthermore, to ensure transparency in gift certificate distribution and prevent illegal circulation, an integrated gift certificate management system is scheduled to open in May.

For this purpose, the Korea Minting and Security Printing Corporation also signed an agreement. Moreover, Gokseong-gun plans to pay the agricultural and fishery public service allowance, which will be implemented in May this year, in the form of card-type gift certificates.

Recently, amid the prolonged spread of COVID-19 and the resulting contraction of the local economy, the gift certificates have played a vital role in overcoming the crisis. Gokseong-gun extended the 10% special discount on mobile gift certificates, originally scheduled until February, until the end of May, and continues to sell paper gift certificates at a 5% discount throughout the year. In an era where bank interest rates are in the 1% range, a 5-10% discount has led some users to refer to the gift certificates as a form of financial investment.

Governor Yoo Geun-gi said, “The difficulties faced by local small business owners have intensified due to COVID-19, and the county is promoting various policies. We ask financial institutions to actively participate in the gift certificate purchase campaign to promote local consumption.”

The heads of the Nonghyup Gokseong branch and other gift certificate agency cooperative heads also responded, “All executives and employees will actively participate in purchasing gift certificates to help overcome the local economic crisis.”

This content was produced with the assistance of AI translation services.