120 Billion Won Invested Over 5 Years to Revitalize Local Commercial Districts... 5 Locations Selected Including Andong and Gyeongju, Gyeongbuk

Ministry of SMEs and Startups Prioritizes 5th Phase Sites for 'Commercial District Renaissance Project'

Asia Economy DB=Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Kim Bo-kyung] Five new areas, including Jung-gu in Incheon and Andong in Gyeongbuk, have been newly designated for a 12 billion KRW government project aimed at revitalizing deteriorated commercial districts.

The Ministry of SMEs and Startups announced on the 28th that it has preliminarily confirmed five target sites for the 5th phase of the 'Commercial District Renaissance Project.' This project aims to breathe new life into the declining commercial districts of old downtown areas.

Beyond individual support for single traditional markets or shopping streets, the project supports environmental improvements and commercial district revitalization over five years with a budget of 12 billion KRW, in cooperation with local governments, targeting entire commercial districts.

Looking at the five newly designated commercial districts, first, Jung-gu in Incheon received excellent evaluations for consistently implementing the theme of Korea's first modern open port in its business plan. It is expected to create an attractive commercial district where specialized projects utilizing exotic cultural heritage from the modern open port period harmoniously blend.

In Andong, Gyeongbuk, the project plans to maximize the uniqueness of representative local foods such as Andong Jjimdak, dried mackerel, and Korean beef, while attracting tourists to Andong Hahoe Village, Imcheonggak, Wolyeonggyo Bridge, and Ugyo Land to promote commercial district revitalization.

Gyeongju in Gyeongbuk plans to create a specialized street for art workshops, develop specialized products linked to the Silla Flavor Road, and the image of Seorabeol, the thousand-year-old capital, expecting to establish a commercial district where history and culture blend.

Miryang in Gyeongnam will reinterpret the city’s name (Baekbaekhalmil, Byeotyang) with a sunshine image and promote a project incorporating humanities elements reflecting the stories of anti-Japanese independence activists.

Dong-gu in Gwangju will pursue a commercial district themed around arts and culture, including creating an arts street centered on theaters, fostering famous local flagship stores linked with regional cultural heritage utilization projects.

The Ministry of SMEs and Startups plans to conduct expert diagnoses and consultations by field to refine business plans so that the unique content of each commercial district can be emphasized as a strength, supporting the implementation of substantial projects.

Additionally, as part of the 'Small Business Digital Transformation Plan' announced last September, a pilot project contest for digital commercial district renaissance will also begin.

Selected areas will receive package support tailored to regional characteristics, including smart technologies, online sales channel support projects, and complex experiential sales lounges, to digitally expand the scope of their commercial districts.

Local governments wishing to apply can submit applications to the Small Enterprise and Market Service through their respective city, district, or county offices by the 30th of next month.

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