Yongsan-gu Collaborates with Small Businesses, Small Merchants, and Financial Institutions to Revitalize the Local Economy

Sookmyung Women's University, Seoul Credit Guarantee Foundation, and 4 Other Organizations Join Hands to Create a Vibrant Local Economy

[Asia Economy Reporter Jong-il Park] Yongsan-gu (Mayor Seong Jang-hyun) signed a business agreement for the ‘Local Economy Revitalization Council’ on the 11th at the mayor’s office.

The participating organizations include Yongsan-gu (Mayor Seong Jang-hyun), Sookmyung Women’s University (Vice President Shin Hyuk-seung), Seoul Credit Guarantee Foundation (Chairman Han Jong-kwan), Shinhan Bank (Head Park Hyun-joo), Yongsan Chamber of Commerce and Industry (Chairman Park Ki-chan), and Seoul Entrepreneurs Association (Chairman Kim Hwan-yong), totaling six entities.

They agreed to mutually cooperate to create a vibrant local economy, resolve management difficulties of small businesses and small merchants, and support employment and entrepreneurship. They will also engage in policy research and development specialized for small businesses and small merchants, as well as analyze local commercial districts.

Detailed matters will be discussed and decided later by the council’s working committee.

Seong Jang-hyun, Mayor of Yongsan-gu, said, “Key local institutions encompassing the public, private, government, and academic sectors are coming together to revitalize the local economy,” adding, “We will link various support systems of each institution to establish and implement effective measures.”

In addition to this agreement, the district plans to lead economic recovery by mobilizing all possible methods, including ▲emergency management stabilization funds for small merchants ▲loan interest rate reductions for small, youth, and small business owners ▲operation of a customized bidding information system ▲priority purchase of small business products ▲issuance of Yongsan Love Gift Certificates ▲support for businesses visited by COVID-19 confirmed cases.

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