As the Festival Closes, 'Companies' Face Shutdown... Busan 'Performance Technology Companies' Step Up Support

Busan City, 2 to 3 Million KRW per Company... For Companies Participating in Basic and Metropolitan Festivals
Applications Accepted In-Person or by Mail at Busan Culture and Tourism Festival Organizing Committee from November 23 to December 4

List of festivals held annually within the last 3 years by Busan City and basic local governments.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] With the budgets of Busan City and its 16 districts and counties, which used to host at least 60 festivals a year, completely blocked due to COVID-19, companies that made a living by providing performance technology are now facing the risk of bankruptcy.

Fundamentally, festivals have no choice but to revive, but a small support project has also started for performance technology companies that conducted festivals in the Busan area, providing 2 to 3 million KRW per company.

Busan City (Acting Mayor Byun Sung-wan) is launching the ‘Festival-related Performance Technology Industry Support Project’ to support the performance technology industry, which is experiencing serious difficulties due to COVID-19. Applications for support will begin on the 23rd.

The support target is companies that opened before January 1, 2020, and whose business registration certificate shows a business location in Busan City as of the announcement date. They must prove participation as a performance technology company in festivals held in Busan City or its 16 districts and counties within the last three years (January 1, 2018 to September 30, 2020).

However, only companies whose average monthly sales from January to June 2020 decreased compared to the average monthly sales in 2019 are eligible, and companies that have closed are excluded.

The support amount is 3 million KRW for companies with total sales exceeding 400 million KRW in 2019, and 2 million KRW for companies with sales of 400 million KRW or less.

Required documents include the application form, business registration certificate, sales proof documents, and proof of participation in Busan City festivals. Applications can be submitted in person or by mail to the Busan Culture and Tourism Festival Organizing Committee from November 23 to December 4 by 6 p.m.

Acting Mayor Byun Sung-wan of Busan said, “Festival-related companies are facing many difficulties due to event reductions and the shift to non-face-to-face events caused by COVID-19,” adding, “We will continue to prepare various measures to help festival-related companies maintain their foundation.”

For more details, refer to the notices on the websites of Busan City and the Busan Culture and Tourism Festival Organizing Committee, or contact the Busan Culture and Tourism Festival Organizing Committee.

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