Naju City Launches Effort to Revitalize Local Economy... Purchase of 'Naju Sarang Gift Certificates'

[Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong] Naju City, Jeollanam-do (Mayor Kang In-gyu) has launched efforts to revive the local economy, which has been stagnating due to the impact of COVID-19.

According to the city on the 3rd, they plan to invigorate the local economy through a gift certificate purchase campaign that leads to actual income for small business owners and self-employed individuals, rather than a one-time project.

Earlier, on the 2nd, the city held the first meeting of the Local Economy Countermeasure Headquarters, led by Mayor Kang In-gyu, and selected the ‘Naju Love Gift Certificate’ purchase campaign as a core policy to revitalize the local economy affected by COVID-19, aiming for a virtuous economic cycle effect.

The city expects that gift certificates worth a total of 2 billion KRW will circulate in the local market from this month until July, with a monthly purchase target of 500 million KRW, creating a breakthrough for income stability for small business owners and the self-employed.

Additionally, the public benefit allowance for farmers and fishermen, amounting to 8.2 billion KRW, is scheduled to be uniformly paid as 600,000 KRW in gift certificates within this month, further amplifying the economic ripple effect of the gift certificates.

From this month until July, public officials at grade 5 and above are required to purchase 700,000 KRW worth of gift certificates monthly, taking the lead in promoting consumption in the local market.

Moreover, public officials below grade 6, security guards, and public employees will actively participate in the voluntary gift certificate purchase campaign by setting a fixed amount over four months.

Employees of public institutions in the Innovation City, related organizations, and government offices will also join the gift certificate purchase campaign, and the city plans to consider extending the campaign period depending on the COVID-19 situation.

The local currency, Naju Love Gift Certificate, is a payment method issued locally and can only be used at local merchants (affiliated stores).

It is gaining attention as a practical local economic revitalization measure through a virtuous economic cycle effect that not only increases sales for small business owners and the self-employed but also prevents the outflow of local income.

To promote gift certificate purchases, the city temporarily raised the discount rate on gift certificate purchases from the existing 8% to 10% from the 23rd of last month until the end of June.

Including the purchase campaign target amount and the public benefit allowance for farmers and fishermen, the total gift certificate sales in the first half of this year are expected to reach approximately 29.5 billion KRW.

Mayor Kang said, “Expanding the Naju Love Gift Certificate purchase campaign will be a practical breakthrough that small business owners and the self-employed, who are struggling due to COVID-19, can feel. We also hope local merchants will actively cooperate by providing friendly service and ensuring no inconvenience in using the gift certificates.”

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