November 'Kosepe' Two Weeks Away... Nationwide Promotion Plan Announced

Joint Inspection Meeting of Local Governments and Ministries Linked to Kosefe Hosted by Minister of Industry
Participation of Manufacturers Doubles Compared to Last Year... Over 1,000 Participating Companies Surpass Milestone

[Asia Economy Reporter Moon Chaeseok] The Ministry of Trade, Industry and Energy held the '2020 Korea Sale Festa Local Governments and Ministries Joint Inspection Meeting' chaired by Minister Sung Yun-mo at 2 p.m. on the 16th, finalizing and announcing the linked event plans of 17 cities and provinces nationwide. The Korea Sale Festa will be held from the 1st to the 15th of next month.

The government will actively support the Korea Sale Festa events led by companies and consumers to promote consumption recovery and revitalize the regional economy.

This Korea Sale Festa will be the first nationwide event with participation from all 17 metropolitan cities and provinces. The government plans to work closely with local governments to fully support overcoming the crisis of small business owners and self-employed merchants in neighborhood commercial districts.

All cities and provinces nationwide will hold consumption promotion events linked to the Korea Sale Festa, such as the Gwangju World Kimchi Online Festival, Busan International Fisheries Expo, Daejeon Ontong Sale Festival, and Daegu Traditional Market Sale Event.

The government will also support sales of agricultural, livestock, and fishery products as well as small and medium-sized enterprises and small business products at more discounted prices using government budgets.

Local governments planning offline events are thoroughly preparing emergency plans in anticipation of elevated quarantine stages to ensure events where the public can participate with peace of mind.

Additionally, this Korea Sale Festa is being promoted to encourage active participation from manufacturers to practically contribute to consumption stimulation. As of the 14th, 1,084 companies have applied to participate, among which about 700 are manufacturers. This is the largest scale since the Korea Sale Festa began in 2016.

Various discount promotions will be held for representative consumer goods directly related to people's daily lives, such as eco-friendly cars, clothing, home appliances, smartphones, and cosmetics.

The government will provide full support in terms of tax and regulation by raising the income deduction limit to 300,000 won, lowering the individual consumption tax from 5% to 3.5%, and easing the obligation for distribution companies to share promotional costs.

Minister Sung stated, "With the prolonged COVID-19 pandemic causing a decline in private consumption as a major factor in economic contraction, revitalizing domestic demand is a key variable for economic recovery in the fourth quarter."

Minister Sung added, "This Korea Sale Festa, with the participation of all cities and provinces nationwide for the first time, will be actively supported by the government to lead to consumption recovery through 'solidarity and cooperation.' Above all, it is important to implement thorough quarantine measures so that the public can safely attend the events."

Meanwhile, the Korea Sale Festa Promotion Committee, led by the distribution industry, plans to announce discount events and plans by major consumer goods and business types on the 23rd.

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