Business Community Welcomes Government's "Reviving Local Economies" Measures... "Aiming for Domestic Demand Recovery and Genuine Growth"

KCCI: "Momentum for a Rebound in Domestic Demand"
KITA: "Expected to Positively Impact Export Expansion"

On the 7th, the government finalized the "Measures to Revitalize Win-Win Consumption to Revive Local Economies," with a focus on the introduction of cultural consumption coupons. In response, the business community expressed unanimous support.

The Korea Chamber of Commerce and Industry (KCCI) issued a statement on the same day, evaluating the measures to revitalize win-win consumption as "a timely policy that could serve as momentum for a rebound in domestic demand, given that consumption, which had been stagnant, is showing signs of recovery." The government announced that it would distribute 8.1 million of the five major cultural consumption coupons, concentrating them in local regions, and would hold large-scale tourism and consumption events in relay format through the end of the year.

The KCCI stated, "We hope that sister city partnerships and tourism exchanges with non-metropolitan cities, large-scale domestic tourism and consumption events, and cultural consumption coupons to promote local spending will provide an opportunity for local economies to regain vitality." The organization added, "We will continue our regional consumption promotion campaign in cooperation with chambers of commerce nationwide, and moving forward, we will support corporate workation activities in local regions, encourage domestic tourism and visits to traditional markets, and carry out various initiatives at the industry level to stimulate domestic consumption."

Deputy Prime Minister and Minister of Economy and Finance Koo Yoonchul attended the first Economic Ministers' Meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 7th, where he spoke about the new government's economic growth strategy and measures to revitalize win-win consumption to support local communities. Photo by Jo Yongjun

The Korea International Trade Association (KITA) also welcomed the measures, stating, "We support the policy direction aimed at revitalizing the overall economy through domestic demand recovery and achieving 'genuine growth' through a virtuous cycle between exports and domestic demand."

KITA added, "Expanding partnerships between companies and local regions to boost local consumption and encouraging domestic travel to promote stay-type spending are expected to lead to increased corporate sales, greater capacity for technological development, and improved product and service quality, which will also have a positive effect on export expansion." The association further stated, "We hope that these efforts will not only stimulate short-term consumption, but also lead to revitalization across industries, job creation, and the expansion of exports in related service sectors such as tourism, culture, and content, through consistent policy implementation and active participation from all economic stakeholders."

KITA also stated, "We support the government's win-win consumption policy and will spare no effort to cooperate so that the economy can move toward a healthy structure where domestic demand and exports reinforce each other in a virtuous cycle."

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