Gochang-gun, All-Out Effort to Revitalize Local Economy... 6.7 Billion Won Invested

Published 15 Feb.2022 12:59(KST)

[Gochang=Asia Economy Honam Reporting Headquarters Reporter Kim Jaegil] Gochang-gun, Jeonbuk announced on the 15th that it will invest 6.7 billion KRW in four major sectors (local currency, traditional market management, small business support, energy projects) this year to revive the local economy, which has been stagnant due to COVID-19.

The Gochang Love Gift Certificate, which has received great support from both residents and local merchants, will be issued in the amount of approximately 13.3 billion KRW this year.

The issuance amount is expected to increase if national funds are secured through supplementary budgets.

Since the average redemption rate of the gift certificates reaches 90%, it is analyzed that the virtuous cycle effect of local funds, which had previously leaked out to other regions, is significant.

Currently, individuals who purchase the gift certificates receive an additional 10% incentive based on the purchase amount.

Revitalization of traditional markets (355.8 million KRW) will also be promoted.

Facilities renovation, shopping assistants, fire insurance, safety inspections and disinfection, and cultural events will be intensively supported in six markets within Gochang (Gochang-eup, Sangha, Haeri, Mujang, Daesan, Heungdeok).

In particular, policy funds will be prepared for local small business owners who are deeply troubled by the prolonged economic downturn.

The county has allocated 472.6 million KRW for small business expenses.

By providing operating fund loans, customized goods support for good-price stores, small business card fee support, and Small Business Day events, the county aims to revitalize the shrinking local economy.

Operating fund loans select recipients quarterly and provide loans up to 30 million KRW, with a one-year grace period and repayment over two years, and interest rates within 4%, offering great help to small business owners.

Eco-friendly clean energy (4 billion KRW) is also a focus.

The county plans to install facilities such as solar power, solar heat, and geothermal energy in 385 households in the Gochang, Gosu, Heungdeok, and Sillim areas to reduce each household’s electricity bills.

A county official said, “We hope that the implementation of the Gochang Love Gift Certificate will help residents and self-employed people during the difficult COVID-19 situation,” and added, “By providing various subsidies and support funds in local currency and preventing the outflow of funds outside the region, we will strive to further revitalize the local economy.”