Ministry of SMEs and Startups Provides 33.2 Billion KRW to Revitalize 'Jeontong Market'

Source: Ministry of SMEs and Startups

[Asia Economy Reporter Kim Daeseop] The Ministry of SMEs and Startups announced on the 14th that it will invest 33.2 billion KRW in traditional markets to overcome the damage caused by the novel coronavirus infection (COVID-19).

This traditional market support project is part of the '2020 First Supplementary Budget Project' passed by the National Assembly last March. The Ministry of SMEs and Startups selected 678 traditional markets, including Daegu Seomun Market, through a public announcement in March to revitalize and normalize traditional markets severely affected by COVID-19. Joint marketing support will be provided to 633 markets, and safety management packages will be supported for 45 markets.

Joint marketing support for traditional markets includes costs to promote customer inflow such as discount events, cultural performances, and special events (operating prize draws and experience booths), with support ranging from a minimum of 20 million KRW to a maximum of 80 million KRW depending on the market size.

In particular, as non-face-to-face transactions have emerged as a new distribution method due to COVID-19, four markets will also receive support for the infrastructure costs necessary to introduce online delivery systems to prepare for this change.

The traditional market safety management package support will provide fire safety management facilities such as fire alarm systems and firefighting equipment as a package to 45 traditional markets and shopping districts that actively participated in the 'Good Landlord Movement.'

This support project will be fully funded by the national government without any self-contribution from traditional market merchants.

Park Young-sun, Minister of SMEs and Startups, said, "Although this supplementary budget support may not be sufficient, we hope it will serve as a catalyst for traditional markets to overcome COVID-19 and prepare for the post-COVID era." She added, "The Ministry of SMEs and Startups plans to actively support the introduction of non-face-to-face transaction methods such as online delivery and live commerce to traditional markets so that they can become smart traditional markets."

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