Sung Yun-mo "November Kosefe, Spark for Economic Recovery"

Minister of Industry Holds Meeting with Kosefe Promotion Committee
Launch Ceremony of 'High Five Sharing and Donation Campaign'

[Asia Economy Reporter Moon Chaeseok] The Ministry of Trade, Industry and Energy announced that Minister Sung Yoon-mo met with the Korea Sale Festa (Kosepe) Promotion Committee at the Press Center on the 23rd to share the plans and direction for the '2020 Kosepe' event, which will be held from the 1st to the 15th of next month.

As of the 21st, the Promotion Committee announced that 1,328 companies will participate in the event. This will be the largest scale since the first Kosepe was held in 2016.

In particular, major consumer goods manufacturers directly related to daily life such as automobiles, clothing, home appliances, and cosmetics will participate in more than twice the number compared to last year.

The Promotion Committee stated that they expect that the distribution and manufacturing industries, through solidarity and cooperation, will be able to increase discount capacity and greatly contribute to the recovery of consumer sentiment.

They also shared this year’s Kosepe event details, including discount planning events online and offline by business type and industry in the distribution and manufacturing sectors, as well as various giveaways and prize events.

Minister Sung reviewed the event details and preparation status of the industry, expressing encouragement and gratitude for the efforts of the Promotion Committee.

He emphasized, "As the recent quarantine situation gradually stabilizes, signs of consumption revival are appearing. It is a more important time than ever for consumption promotion events carried out together by consumers, companies, and government and local governments."

This year’s Kosepe event will be promoted on a nationwide scale, with all 17 provinces and metropolitan cities participating for the first time since its inception.

The Ministry of Trade, Industry and Energy plans to vigorously support overseas promotional events targeting global consumers to expand direct overseas purchases and exports to New Southern and New Northern countries.

Additionally, all available resources will be mobilized government-wide, including the resumption of consumption coupons, raising income deduction limits, reducing automobile acquisition tax, and easing the obligation for distribution industry to share promotional costs.

Minister Sung said, "Next month, we will do our utmost together with the industry to make Kosepe a spark for economic recovery through consumption and domestic demand revival."

The government and industry agreed to pay special attention to quarantine management to ensure the event is safe and reassuring for the public.

They shared the intention to safely conduct the event and make it a model case where quarantine management and economic activities harmonize.

Meanwhile, Minister Sung also participated in the launch ceremony of the 'High Five Sharing and Donation Campaign with Kosepe' together with the Kosepe Promotion Committee.

He said, "Taking this event as an opportunity, we are promoting the 'Thumbs Up Challenge,' where consumers and business people encourage and support each other, and the 'High Five Donation Campaign,' prepared to share warm hearts with neighbors in need. I hope the industry will also participate to encourage each other and become a strong support for marginalized neighbors."