Busan City and the Ministry of SMEs Select 33 Locations in the 'Traditional Market and Shopping District Revitalization Contest' Achievement

A Total of 7 Projects and 33 Locations Including Traditional Markets Selected, 3 Billion KRW Support for Revitalizing Traditional Markets and Shopping Districts

23 Sites Selected for the 'Market Management Package Support Project' by the Busan Bran

Busan City has secured 1.9 billion KRW in national funding after a total of 7 projects and 33 traditional markets and shopping districts were selected in the Ministry of SMEs and Startups’ ‘2024 Traditional Market and Shopping District Revitalization Contest.’

The Ministry of SMEs and Startups conducted the contest for traditional market and shopping district revitalization support projects nationwide from September to October last year. Traditional markets applied by local governments across the country underwent on-site evaluations, presentation assessments, and selection committee reviews to finalize the project sites.

Following the selection in this contest, the city plans to support the revitalization of traditional markets and shopping districts with a total of 3 billion KRW, including 1.9 billion KRW in national funds and 850 million KRW in local funds.

The seven selected projects include specialized market development (cultural tourism type, digital traditional market), old electrical wiring maintenance, fire alarm facility support, and market management package projects.

First, among the specialized market development projects, the ‘cultural tourism type market,’ which focuses on nurturing and supporting unique market features linked to local cultural and tourism resources, selected ▲Busan Jayu Market ▲Bansong Big Market ▲Hadan Oil Permanent Market, while the ‘digital traditional market’ for promoting online commerce selected ▲Millak Alley Market.

In particular, Hadan Oil Permanent Market was recognized for the excellence of its first-step specialization project conducted last year and was selected again in this contest, aiming to leap forward as a cultural tourism type market. Hadan Oil Permanent Market secured 880 million KRW in traditional market revitalization project funds over two years.

Additionally, for the installation of fire alarm facilities to detect early ignition factors and the old electrical wiring maintenance project, ▲Gupo Livestock Wholesale Market ▲Bongnae Market ▲Namhang Market were selected.

The city plans to invest a total of 450 million KRW in these three selected sites to create a safe traditional market environment protected from fire.

Furthermore, 23 traditional markets and the Busan branch of the Merchants’ Federation were selected as targets for the ‘market management package support project,’ where merchants autonomously carry out projects reflecting the characteristics of each region and commercial district.

National funds of 750 million KRW will be invested in the project sites to promote joint marketing, market manager and merchant education, and other activities.

Mayor Park Hyung-jun stated, “Traditional markets, which have been facing many difficulties due to prolonged economic downturn and weakened consumer sentiment, will be actively supported by our city through this contest project to develop competitiveness unique to Busan’s traditional markets and achieve self-sustainability.”

Busan City Hall.

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