Ministry of Trade, Industry and Energy Activates KOSFE Sector-Specific Support Teams

Launch of the '2020 Kosefe Support Group' and 1st Meeting Held
Discussion on Expanding Participation of Distributors, Manufacturers, and Domestic and International Consumers

The first weekend of Korea Sale Festa last November. The streets of Myeongdong, Seoul, are bustling with tourists. Photo by Moon Honam munonam@

[Asia Economy Reporter Moon Chaeseok] The Ministry of Trade, Industry and Energy announced on the 12th that it will launch sector-specific support teams for the '2020 Korea Sale Festa (Kosepe)' held from November 1 to 15, and hold the first meeting. Deputy Minister Jeong Seung-il will serve as the head of the support team.

The ministry aims to encourage participation not only from distribution companies but also from manufacturing companies, and to increase participation from domestic and international consumers to secure momentum for economic revitalization.

The support team will be composed of four dedicated units: Manufacturing Company Support Team, Digital Distribution and Regional Support Team, Global Event Support Team, and Public Relations Support Team.

The event will include domestic demand, export, regional economic revitalization, and the dissemination and expansion of digital new distribution technologies such as drones, robots, artificial intelligence (AI), and virtual reality (VR).

The government plans to continuously discover incentives through communication with the industry to encourage participation.

Through inter-ministerial and local government consultations such as the task force (TF) of related ministries and the Economic Central Disaster and Safety Countermeasures Headquarters, nationwide and cross-government support measures will be discussed.

Additionally, detailed event programs will be finalized and announced in the 'Kosepe Promotion Committee' in October.

The 'Kosepe Working Committee' prepares detailed events by industry and business type. The working committee includes support organizations such as distribution, manufacturing, consumer groups, the Korea Chamber of Commerce and Industry, and the Korea Tourism Organization.

Deputy Minister Jeong said, "With the global economic outlook and export uncertainties, domestic demand activation has emerged as a key variable for economic growth," adding, "We will make every effort to fully support large-scale consumption stimulation events in the second half of the year to create a mood for economic rebound."

Kosepe started after the Middle East Respiratory Syndrome (MERS) outbreak in 2015 to revitalize domestic demand, and on February 4 this year, the promotion committee decided to hold the event annually from November 1 to 15.

The official website was launched earlier this month, and industry participation applications are being accepted.

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