Bucheon City Accelerates 1 Department 1 Economic Revitalization Project... Expanding Local Currency Issuance and More

Bucheon City Hall

[Asia Economy Reporter Park Hyesook] Bucheon City in Gyeonggi Province is accelerating the One Department One Economic Revitalization Project to help the livelihood economy, which was hit by the novel coronavirus infection (COVID-19) crisis, recover quickly.

On the 19th, the city announced that, following last year, it will promote the One Department One Economic Revitalization Project consisting of 54 projects in 7 sectors across 44 departments (organizations) as part of the 'Economic Recovery Relay' in cooperation with related organizations.

The city plans to focus on seven areas: ▲stimulating consumption ▲stabilizing management of small business owners and companies ▲rapid execution ▲expanding public jobs ▲supporting vulnerable groups and livelihoods ▲creating a safe environment ▲solidarity cooperation to serve as a catalyst for local economic recovery.

First, nine projects to lead consumption stimulation include expanding issuance of Bucheon Pay, a local currency (10% incentive), supporting traditional market revitalization projects (BI·CI production, joint delivery support, etc.), promoting new small-scale and non-face-to-face Bucheon tourism, and library-local bookstore win-win projects.

The most economically affected small business owners and companies will be carefully supported through eight projects.

The projects include operating a special guarantee for small business owners worth a total of 21 billion KRW, special management stabilization funds and installment principal repayment deferrals for small and medium enterprises affected by COVID-19, emergency liquidity support funds, and fee reductions for research equipment use supporting non-face-to-face services for SMEs and prospective entrepreneurs.

In the rapid execution sector, 11 projects have been prepared, such as prioritizing the purchase of local companies' products and rapid contract execution, early payment of local income tax (comprehensive income portion) refunds in June, and rapid execution of public sewage facility management agency fees.

Additionally, to expand public jobs, nine projects are being promoted, including public job projects such as local quarantine jobs and local community jobs, expanded operation of administrative experience part-time university students (220 people), and learning-type jobs through lifelong education.

For vulnerable groups, support is provided for living expenses of COVID-19 related hospitalized and quarantined individuals and funeral expenses for the deceased, and livelihood stabilization is pursued through seven projects including extension of local tax payment deadlines and collection deferral support.

Furthermore, following last year, this year the property tax and automobile tax imposed on 'Good Landlords' will be subject to even more expanded exemption rates.

Mayor Jang Deokcheon of Bucheon said, "Due to the impact of COVID-19, small business owners, self-employed people, and entrepreneurs are experiencing unprecedented difficulties in the livelihood economy," adding, "We will spare no policy support across all fields and directions for the recovery and rebound of our economy and the return to daily life."

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