Busan Thrives Through Mutual Growth Despite Challenges... 33 Sites Selected for 'Traditional Market and Shopping Street Revitalization Contest'

Ministry of SMEs and Startups Secures 2.3 Billion KRW in National Funding for Public Projects, Total Support Including 1.1 Billion KRW Local Funds Reaches 3.5 Billion KRW

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] Busan City announced that 33 traditional markets in Busan have been selected for the ‘2023 Traditional Market and Shopping District Revitalization Contest’ hosted by the Ministry of SMEs and Startups, securing 2.3 billion KRW in national funding.

The city plans to support the revitalization of traditional markets and shopping districts with a total of 3.5 billion KRW, including 1.1 billion KRW in local government funds.

Notably, Jangnim Golmok Market in Saha-gu was recognized for its excellent performance in the 2022 Specialized First Step Project and has advanced to become a cultural tourism market, securing at least 820 million KRW in traditional market revitalization funds over two years.

Suyeong Paldo Market was selected as a cultural tourism market on its third attempt, raising expectations for market revitalization projects linked to the development of nearby historic parks.

Additionally, Choryang Traditional Market newly entered the Digital Traditional Market Development Project, established last year to promote online commerce in traditional markets.

A total of 640 million KRW will be invested in installing fire alarm facilities for early fire detection and in repairing old electrical wiring, making every effort to create a safe traditional market environment free from fire hazards.

The traditional market parking environment improvement project, which was included in the Ministry of SMEs and Startups’ traditional market revitalization contest until last year, has been transferred to the National Balanced Development Special Account starting this year. Through a separate selection process, nine markets including Golmok Market have been selected for parking lot construction, renovation, and usage support, with 3.32 billion KRW to be provided.

Park Hyung-jun, Mayor of Busan, stated, “In response to the difficulties faced by traditional markets due to the prolonged COVID-19 pandemic and the recent triple economic challenges, we will create traditional markets where citizens can visit with peace of mind by investing an additional 8 billion KRW from the city’s own budget along with the 2023 national funding contest for traditional markets.”

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