Gangdong-gu Establishes and Implements Comprehensive Measures to Revitalize Local Economy Including Support for Small Business Owners, SMEs, and Job Creation

Plans to implement 41 projects in four areas?support for small business owners and SMEs, job creation, revitalizing local markets, and economic stimulus?linked with the government and Seoul City, tailored to Gangdong-gu's circumstances

[Asia Economy Reporter Park Jong-il] Gangdong-gu (District Mayor Lee Jeong-hoon) has prepared the '2021 Comprehensive Measures for Revitalizing the Local Economy' to respond to the economic downturn caused by the novel coronavirus disease (COVID-19).

According to the comprehensive measures, the district plans to implement 41 projects in four areas: support for small business owners and SMEs, job support, revitalization of local commercial districts, and economic stimulus measures, in cooperation with the government and Seoul Metropolitan Government, tailored to the circumstances of Gangdong-gu.

First, in support of small business owners and SMEs, the district plans to expand customized projects such as ▲ labor law and psychological counseling for small business owners ▲ support for SME development funds ▲ rent reduction for small business owners through the discovery of good landlords ▲ local tax support including deferral of local tax payments ▲ support for small business owners' flood insurance premiums ▲ parking support through large bus parking fee reductions, among others.

In the job support sector, the district will promote ▲ employment retention support for unpaid leave workers of small business owners ▲ expansion of public jobs ▲ rapid execution of the budget in the first half of the year ▲ economic stimulus measures such as prompt contract signing and payment execution.

To revitalize local commercial districts, the district plans to implement ▲ one institution one market partnership projects ▲ activation of Gangdong Love Gift Certificates ▲ issuance of Gangdong Bitsal Money ▲ discovery of creative ideas for local economic revitalization ▲ flexible enforcement of parking violations ▲ encouragement of local commercial district use by related organizations and facilities, and priority purchasing from local businesses.

Additionally, after the COVID-19 situation stabilizes, the district plans to promote traditional market revitalization through projects such as traditional market festivals, creation of coexistence streets, and support for online delivery services.

Lee Jeong-hoon, Mayor of Gangdong-gu, said, "Since the establishment of the Local Economy Countermeasures Headquarters in May last year, we have discovered more than 50 additional projects. Through continuous operation, we will check the progress, listen to the difficulties of residents and small business owners, discuss support methods, and do our best to revitalize the local economy."