Andong City, "Revitalizing Traditional Markets and Ensuring Business Stability for Small Merchants in the New Year"

Andong City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Gwiyeol] Andong City, Gyeongbuk, has decided to focus on revitalizing traditional markets and stabilizing small business management in 2022 to recover the local economy, which has been stagnant due to the prolonged COVID-19 pandemic.

To revive the depressed old downtown commercial district, the Commercial District Renaissance Project, selected last October, will be actively promoted. A total of 9 billion KRW will be supported over five years for five markets and shopping areas, including Jungang Sin Market, Old Market, Namseo Shopping District, Culture Street, and Food Street.

The Yong Sang Market First Step Support Project, a specialized market development project by the Ministry of SMEs and Startups, and the construction of the Bukmun Market Customer Support Center, a traditional market facility modernization project, will be promoted to lay the foundation for a distinctive premium market.

Additionally, to stabilize the management of small business owners struggling due to the prolonged COVID-19 pandemic, the special guarantee fund for small business owners will be expanded to increase the guarantee limit, and support will be provided for special guarantees and policy fund interest subsidy projects. The Andong Sarang Gift Certificate, both paper and mobile cards, will offer a permanent 6% discount and a special 10% discount during holidays to promote consumption within the region.

An Andong City official stated, “In 2022, we will continue to devote ourselves to supporting the stagnant traditional markets and struggling small business owners, strive for market management innovation to enhance self-sustainability, and continuously promote environmental improvement projects.”

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