Gwangju City Sets KRW 257.3 Billion Economic Impact Goal... Launches Full-Scale Local Economy Revitalization Strategy

Mayor Bang Se-hwan: "Closer and More Thorough"

Aiming for KRW 257.3 Billion Economic Impact from Public Projects to Local Currency

On April 1, Gwangju City in Gyeonggi Province held an expanded executive meeting presided over by Mayor Bang Se-hwan, under the slogan "Closer and More Thorough!" to discuss customized strategies for revitalizing the local economy across various sectors.

Bansehwan Bang, Mayor of Gwangju City, is holding an expanded executive meeting on the 1st. Provided by Gwangju City, Gyeonggi Province

Last year, the city stimulated consumption in sectors such as restaurants, private academies, and general retail by achieving results including KRW 62.5 billion in contracts for public construction projects through cooperation with local companies, KRW 13.6 billion in the use of local businesses for heavy equipment and restaurants in national projects, KRW 50.8 billion in consumption of local materials at large-scale private construction sites, KRW 8.7 billion in sales at agricultural direct stores, and KRW 183.3 billion in local currency issuance.

This year, the city has set a goal of achieving a total economic ripple effect of KRW 257.3 billion, while also strengthening the substance of existing projects. In the public sector, the city will maintain the target purchase rate from local suppliers at 85% and plans to expand participation in the use of local businesses by affiliated institutions such as the Gwangju Urban Management Corporation and the Gwangju Cultural Foundation.

In the area of business support, assistance for small and medium-sized enterprises and small business owners will be expanded. The city will increase the number of companies joining Gwangju e-Marketplace and introduce a new program to subsidize export logistics costs, thereby alleviating the burden of developing overseas markets. Additionally, special guarantees and business funding will further strengthen the foundation of the local economy.

Notably, the city will use the upcoming Gyeonggi Provincial Sports Festival, scheduled for April, as an opportunity to boost the local economy. During the event, a policy will be implemented to provide additional rewards when visitors use the Gwangju Love Card at Good Price Stores and participating food service businesses, encouraging spending by outside visitors in local commercial districts.

In March, the city also established a dedicated task force for local price stabilization to address inflation concerns arising from the situation in the Middle East, thereby strengthening interdepartmental collaboration. In April, a product promotion event will be held for local outstanding companies, targeting civil servants responsible for construction and accounting, to support the expansion of sales channels.

Furthermore, the city has made revitalizing the local economy its top administrative priority, based on interdepartmental cooperation, and is pursuing action items such as: prioritizing the use of local companies for public works, supplies, and services; expanding the provision of various subsidies and benefits through local currency; encouraging the use of local companies in promotional material production; reflecting local products from the design stage of construction projects; strengthening promotional links with local attractions and festivals; attracting outside consumption through sports events; and expanding agricultural experience programs.

Mayor Bang Se-hwan stated, "We need detailed policies that go beyond mere budget execution to carefully consider local companies in all administrative aspects, including subsidies and promotional materials," adding, "We will support the local economy close to citizens' daily lives, leaving no policy blind spots, to create tangible change."

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