Ulleung-gun, Ulleungdo, Local Currency 'Namollara'... Government and Gyeongbuk Support Seen as 'Someone Else's Rice Cake'

Ignored Alone in 23 Cities and Counties of Gyeongbuk... Only 3 Basic Local Governments Nationwide Have Not Issued
Feasibility Study Initiated Only Now Under County Governor Kim Byung-su's Directive... Missed Issuance Timing This Year

On the morning of April 29, when the coastal passenger ferry service between Donghae City, Gangwon Province, and Ulleungdo resumed after five months, Mukho Port was bustling with passengers.

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Dong-wook] Ulleung-gun, which administratively includes Ulleungdo Island, is being criticized for its delayed administration that has led it to be the only one among the 23 cities and counties in Gyeongbuk Province to ignore the local currency 'Local Love Gift Certificate' and be excluded from the government's large-scale support policies.

According to Gyeongbuk Province and others on the 24th, unlike the other 22 basic local governments in the Gyeongbuk area, Ulleung-gun missed the timing to issue the Local Love Gift Certificate this year.

In the Gyeongbuk region, following 17 cities and counties last year, three basic local governments (Gyeongju, Gyeongsan, Mungyeong) hurriedly issued Local Love Gift Certificates in the first half of this year. Sangju City and Uljin-gun will also introduce Local Love Gift Certificates worth 10 billion KRW and 3 billion KRW to local residents on the 27th and August 3rd, respectively.

While local governments nationwide have competitively launched Local Love Gift Certificates (including cards) under various names, Ulleung-gun in Gyeongbuk stands out as the only one folding its arms and watching from across the river. According to data from the Ministry of the Interior and Safety, among the 243 cities and counties nationwide, only three basic local governments, including Ulleung-gun, have yet to set a schedule for issuing Local Love Gift Certificates.

The reason local governments nationwide have been rushing to introduce local currencies is that they believe these measures fully demonstrate the government's large-scale support for small business owners amid the prolonged COVID-19 pandemic and effectively prevent the outflow of local income.

Users are also pleased with the special 10% discount to stimulate consumption. The number of affiliated stores has greatly increased, making usage convenient, and users can also receive a 30% income deduction benefit during year-end tax settlement. With such popularity, the issuance scale of local currencies in the Gyeongbuk region has tripled this year to 750 billion KRW compared to last year. The number of affiliated stores has also surged threefold in the past five months, exceeding 98,000 locations.

The 10% discount rate for Local Love Gift Certificates is expected to continue for the time being. Of the 10% discount, 8% is covered by the government, and the remaining 2% is borne by local governments. The local government burden is shared between Gyeongbuk Province and the basic local governments at a ratio of 3 to 7.

While the whole country is riding the wave of Local Love Gift Certificates, Ulleung-gun is the only one in the Gyeongbuk region standing aside. Although this judgment considers the area's many tourists, Daegu, which had delayed launching due to the logic of having a large amount of external income, also launched Local Love Gift Certificates in early June and hit a 'jackpot' by surpassing 10 billion KRW in issuance scale within a week.

Following the belated recognition of the trend, under the direction of County Governor Kim Byung-su, Ulleung-gun hastily commissioned a service to identify the types and scale of Local Love Gift Certificates to be issued, but it seems difficult to present them to residents within this year.

An Ulleung-gun official said, "Around May, under the county governor's instruction, we have been preparing a service to decide whether to issue local currency in paper form (voucher type), card type, or other formats, but it seems difficult to issue it within this year."

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