Jeonnam Province Promotes Early Issuance of 'Jeonnam Happy Local Currency'

Full Issuance of 1 Trillion Won Targeted by End of June... Expecting Revitalization of Local Markets

[Muan=Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Jeonnam Province announced on the 6th that it will issue the ‘Jeonnam Happiness Local Currency (Local Love Gift Certificate)’ early to help small business owners in the province who are struggling due to consumption contraction caused by the prolonged COVID-19 pandemic.

They are aiming to issue the full amount of 500 billion KRW by March and 1 trillion KRW by the end of June, expecting that achieving this will revitalize neighborhood commercial districts.

To this end, the entire 45.2 billion KRW of national and provincial subsidies for this year will be paid early to cities and counties, and the issuance of local love gift certificates will be actively encouraged.

Along with this, they plan to promote purchase relay campaigns and agreements with institutions and organizations, and expand policy-based issuance linked to various support allowances.

The ‘Jeonnam Happiness Local Currency,’ a pledge of the 7th elected governor, prevents the outflow of local capital and can only be used at neighborhood stores and traditional markets, not at large marts or corporate direct stores, thus having a significant economic effect by activating local consumption.

It has recently gained attention as a way to overcome the economic recession crisis caused by COVID-19, and the central government is also actively recommending it.

The ‘Jeonnam Happiness Local Currency’ has a twofold effect, benefiting not only neighborhood commercial districts but also household economies. Individuals can receive a 10% discount on purchases up to 1 million KRW per month, which results in an annual income increase effect of 4.8 million KRW for a family of four.

Furthermore, the number of affiliated stores in Jeonnam where local love gift certificates can be used has recently increased to 62,000, and the types of issuance have expanded from paper certificates to card and mobile types, greatly improving user convenience.

Joo Soonseon, Director of the Jeonnam Province Economic Energy Bureau, said, “If the use of Jeonnam Happiness Local Currency is activated, small business owners and neighborhood commercial districts in the region are expected to revive together,” and added, “During this difficult time due to COVID-19, we ask residents to actively participate in purchasing city and county local love gift certificates to help recover the local economy.”

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