KOTRA Accelerates Early Execution of 6.3 Billion KRW Budget to Boost Domestic Demand

by Woo Sooyoun

Published 07 May.2020 11:00(KST)

[Asia Economy Reporter Suyeon Woo] KOTRA announced on the 7th that it will expedite the execution of a budget of approximately 6.3 billion KRW in the first half of the year to support small business owners struggling due to the novel coronavirus infection (COVID-19) and to revitalize domestic consumption.

KOTRA is promoting a plan to prepay the annual budget of about 1.5 billion KRW used for rent, equipment purchases, and facility repairs. It plans to conclude bidding and private contracts within the first half of the year and expand advance payments to expedite the execution of about 4 billion KRW. Additionally, it is considering advancing employee health checkups and using selective welfare points within the first half of the year.

It is also actively engaging in prepayments to support small business owners in the local community. At the end of March, KOTRA purchased 36 large flowerpots from the Yangjae-dong flower complex near its headquarters and installed them in the lobby and in front of the main gate. Going forward, it plans to sign separate contracts for flowerpot replacement and landscaping management and make quarterly prepayments.

KOTRA Accelerates Early Execution of 6.3 Billion KRW Budget to Boost Domestic Demand

Labor and management joined forces to revive traditional markets. KOTRA distributed traditional market gift certificates to employees last month in advance of the Chuseok holiday, which had been given annually at that time. The labor union also agreed with the purpose and changed the union’s anniversary gifts from department store gift certificates to traditional market gift certificates. KOTRA plans to distribute anniversary gifts and employee birthday gifts in the form of traditional market gift certificates collectively within this month.

Kim Jongchun, Vice President of KOTRA, said, "We hope that the early execution of the first phase of the budget at this point will help to some extent in revitalizing domestic consumption," and added, "We will continue to review all possible measures that KOTRA can implement."