Creating a 'Glocal Commercial Area' in Our Neighborhood That Attracts People Worldwide

Recruitment of Glocal Commercial District Creation Teams
to Revitalize Local Communities

The Ministry of SMEs and Startups announced on the 13th that it will promote the ‘Glocal Commercial District Project,’ in which local creators connect human and material resources in the region to attract domestic and international relational populations, and recruit creation teams to carry out this project.

The ‘Glocal Commercial District Project’ is a program that accelerates the efforts of local creators who collaborate with existing merchants to create so-called ‘Ridangil’ in order to revitalize the region and enhance the value of commercial districts, and supports autonomous commercial district management to prevent gentrification. Through this, the goal is to establish a ‘Glocal Commercial District’ as a representative successful model that revitalizes the region.

The project is open for applications divided into Glocal Commercial District Creation Teams and Local Brand Creation Teams. Up to 5.5 billion KRW will be invested in the first year and up to 15.5 billion KRW over five years for the Glocal Commercial District Creation Teams, while up to 500 million KRW in the first year and up to 1 billion KRW over two years will be supported for the Local Brand Creation Teams.

The Glocal Commercial District Creation Teams will focus on the Ministry of SMEs and Startups’ Local Brand Creation project, providing concentrated support in the first year for 10 related projects such as Neighborhood Commercial District Development Centers, Neighborhood Commercial District Consulting, Matching Loans, and Neighborhood Funding, focusing on ▲regional commercial district planning ▲discovery and nurturing of creative talents ▲development of anchor stores. From the second year, the plan is to create commercial districts visited by people from all over the world through local infrastructure supply led by the private sector and local governments, connecting human and material assets within the commercial district, improving the commercial district environment, and festivals. Local creators considering participation in the Glocal Commercial District Creation Project must form teams with small business owners located within a 1 km radius and support the project by forming a consortium with local governments.

The Local Brand Commercial District Creation Teams will receive 500 million KRW in the first year from the Ministry of SMEs and Startups to use as commercialization funds for local business expansion such as joint branding and product development, and for operating startup and innovation programs for prospective local small business owners. In the second year, local governments will provide 500 million KRW to spread alley industries through commercial district-linked festival planning and joint branding expansion. Local creators considering participation in the Local Brand Commercial District Creation Project must also apply as teams with small business owners located within a 1 km radius, and local governments must mandatorily match the funds.

Lee Dae-geon, Director of Small Business Policy, said, “This project is a private-led commercial district project designed to combine several small business projects that were individually supported into one project, with the private sector leading and the government and local governments providing support,” and “We will actively support the development of local commercial districts into glocal commercial districts visited and stayed by numerous people domestically and internationally, creating a premium glocal city sought by people worldwide and preventing regional extinction.”

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