Public Officials Lead in Sharing Pain... Province-wide Campaign
All Projects Including Small Business Support Focused in February-March
The 'Special Headquarters for Reviving People's Livelihood,' led by Lee Cheol-woo, Governor of Gyeongbuk Province, held its inauguration ceremony on the 26th.
[Asia Economy Yeongnam Reporting Headquarters, Reporter Park Dong-wook] Lee Cheol-woo, Governor of Gyeongsangbuk-do, announced on the 26th the 'Gyeongbuk-style Comprehensive Plan to Revitalize Public Livelihood Energy' to revive the long-stagnant public livelihood due to COVID-19.
Gyeongbuk Province, facing severe contraction in dining out, travel, and leisure activities due to the prolonged COVID-19 pandemic, has formed a 'Special Headquarters for Reviving Public Livelihood' led by the governor and decided to urgently invest a total of 1.0761 trillion KRW across 53 projects this year.
The short-term tasks, to be intensively promoted in the first quarter, will proceed with a total of 33 projects in 8 major sectors, amounting to 1.0332 trillion KRW. Among these, 18 are new projects, and 15 are existing or expanded projects. Additionally, long-term tasks to be carried out throughout the year include 20 projects, with 13 new and 7 existing or expanded projects.
Donation Culture Expansion Campaign... Concentrated Use of Available Resources in the First Half
The 'Public Livelihood Energy Revitalization Plan' will be promoted in three main directions.
First, by launching a province-wide campaign to spread a culture of donation and uplift the depressed local atmosphere. Second, by concentrating all available resources in the first half of the year to pour a primer into the frozen economy, and third, by focusing all policy efforts on revitalizing small business owners and self-employed individuals.
In the area of the province-wide campaign, public officials will take the lead in sharing the burden.
First, Governor Lee Cheol-woo has decided to donate his entire January salary, and employees will participate voluntarily. These donations will be collected in the 'Hometown Love Gyeongbuk Love Sharing Movement' account and used to support vulnerable groups. The province plans to expand this donation movement across public institutions, city and county governments, and private organizations, promoting it as the 'Province-wide Neighborly Love Happiness Sharing Campaign.'
Rapid fiscal execution, which will serve as a primer for the public economy, will be pursued more strongly and intensively than last year. While consumption and investment execution amounted to 1.9167 trillion KRW in the first quarter last year, this year the goal is 2.1359 trillion KRW, with an additional 319.2 billion KRW invested. For rapid execution, all projects will be ordered early in February and March, aiming for 65%, which is 5% higher than the government's target of 60%.
Policies to revitalize small business owners and self-employed individuals will also be emphasized.
First, the issuance of local love gift certificates will be greatly expanded. The province plans to fully use the initially planned 643 billion KRW worth of gift certificates within the first half of the year and expand issuance to 1 trillion KRW by the end of the year to maximize the multiplier effect on the local economy. To this end, campaigns such as giving New Year's money and pocket money with local love gift certificates will be conducted. The local love gift certificates are sold at a 10% discount in 22 cities and counties, totaling 1 trillion KRW.
The 'Small Business Owner Development Fund Interest Subsidy' will also be significantly expanded from the original 50 billion KRW to 200 billion KRW. Newly implemented 'Card Fee Support' will effectively reduce the management burden on small business owners.
Additionally, a new 'Fresh Breeze Change-up' project will be launched to improve store management environments and support promotions. Particularly, practical support policies such as a 100% acquisition tax exemption for livelihood vehicles acquired by small business owners and self-employed individuals will be pursued in various ways.
SME Policy Fund Repayment Deferral (100 Billion KRW Scale)... Travel Industry Revitalization Project
Support measures for small and medium-sized enterprises (SMEs) will also be diversified.
Policy fund repayments for SMEs facing financial difficulties due to COVID-19 will be deferred for one year (worth 10 billion KRW), and to help companies develop online sales channels, 'Gyeongbuk Sale Festa' and 'Sillarian Online Special Exhibition' are planned to be held intensively during the Lunar New Year holiday.
Furthermore, to alleviate difficulties in the transportation industry suffering from worsening management, an emergency financial support project called the 'Transportation Industry Restart' will be promoted, along with early implementation of job projects and continuous campaigns for complete sales of agricultural products. Through the Transportation Industry Restart project, 23 billion KRW will be allocated to ease management difficulties and 4 billion KRW for livelihood stabilization of transportation workers.
In addition, the 'Travel Industry Revitalization Hope Stepping Stone Project' will support the travel industry, which has been directly hit by COVID-19, and policies to promptly support subsidies for already invested companies to induce early investment will be actively promoted. Through the 'Travel Industry Revitalization' project, a total of 200 million KRW will be provided to 200 companies in the province, with 1 million KRW per company.
To support these plans, the 'Special Headquarters for Reviving Public Livelihood,' led by the governor, will operate year-round in an emergency system. A 'Public Livelihood Advisory Group' composed of representatives from the economic sector, small business owners, traditional markets, SMEs, and farmers will also be formed to listen to field difficulties and prepare effective policy alternatives.
Governor Lee Cheol-woo emphasized, "Public livelihood is on the brink due to the prolonged COVID-19 pandemic, so we have prepared extraordinary measures by deploying all available resources. With the spirit of 'Sajunggusaeng' (seeking life in death), which found a way to survive even in the face of death, we will surely turn this crisis into an opportunity together with all residents."
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