Jungnang-gu, Full Support for High-Intensity Local Economy Revitalization in Response to COVID-19

COVID-19 Response: Implementation of 17 Projects Across 5 Key Areas...Support for Livelihood Stability and Assistance for Industries Affected by Income Decline Due to Reduced Consumption

Ryu Kyung-gi, Mayor of Jungnang-gu, is visiting a local company producing National Safety Masks.

[Asia Economy Reporter Jong-il Park] "Business has been so tough these days."

This is the remark of a merchant at a traditional market in Jungnang-gu. It is likely not an issue unique to this merchant.

The threat of COVID-19 has extended its reach to the local economy. Due to refraining from personal gatherings and avoiding crowded facilities, neighborhood commercial districts have stagnated, and traditional markets have lost their vitality, shaking the local economy.

In response, Jungnang-gu (Mayor Ryu Kyung-gi) has rolled up its sleeves to revive the economy weakened by COVID-19. The district announced it will implement a high-intensity livelihood measure against COVID-19, focusing on supporting livelihood stabilization and assisting affected industries such as small business owners and SMEs whose incomes have sharply declined due to reduced consumption.

Among the total 28,024 businesses in the district, 23,815 have fewer than five employees, accounting for about 85% of all businesses as small-scale merchants.

This measure will be carried out through five sectors and 17 projects: ▲support for small business owners and SMEs ▲support for revitalizing traditional markets ▲promotion of economic activation through resident participation ▲support for affected industries and regional coexistence ▲policy support from the central government and Seoul city.

Among the five sectors, the core 'support for small business owners and SMEs' will secure an additional budget of 3.5 billion KRW, providing a total of 12.1 billion KRW this year in SME development funds and emergency credit guarantee loans.

The SME development fund will increase from the original 2.2 billion KRW by 3 billion KRW to 5.2 billion KRW, and emergency credit guarantee support for COVID-19 affected companies will increase from 1.9 billion KRW by 5 billion KRW to 6.9 billion KRW.

As a measure to support the revitalization of traditional markets, the 'traditional market delivery service' will be expanded to open new sales channels, and all departments of the district office and community service centers will operate a 'Traditional Market Day' once a month. The traditional market delivery service is expected to be widely used by residents through online non-face-to-face shopping.

To promote 'resident participation in economic activation,' the discount benefit for Jungnang Love Gift Certificates has been increased up to 20%, and a 'Our Neighborhood Restaurant Support Group' has been formed to promote food delivery using the Jungnang Love Gift Certificates via SNS. Landlords participating in the Good Landlord Movement will receive support for building repairs and electrical safety inspections, which is expected to revitalize neighborhood commercial districts.

To support affected industries and promote regional coexistence, rent for tenants of district-owned properties will be reduced by 50% for six months, and payment deadlines will be extended.

For businesses affected by COVID-19 confirmed cases and quarantined individuals, local tax deadlines will be extended and collection deferred within a six-month period.

Additionally, policy support from the central government and Seoul city will be actively promoted to ensure thorough benefits reach residents.

Ryu Kyung-gi, Mayor of Jungnang-gu, said, "While directly participating in COVID-19 quarantine sites, I witnessed a community spirit where neighbors care for each other and overcome difficulties together," adding, "We will spare no support so that the local economy can regain strength and rise vigorously."

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