[Imsil=Asia Economy Honam Reporting Headquarters Reporter Park Nosik] Jeonbuk Imsil-gun announced on the 6th that it will issue Imsil Love Gift Certificates worth 30 billion KRW and continue to offer a 10% discount benefit to revive the local economy, which has been stagnant due to the prolonged COVID-19 pandemic, high inflation, and high interest rates.
Imsil Love Gift Certificates, introduced in 2012 to prevent the outflow of local funds and promote consumption within the region, had low sales initially but recorded total sales of 84 billion KRW as of January this year, thanks to active revitalization policies led by the administration.
In particular, since the inauguration of Governor Shim Min in the 8th term, the sales volume increased by 45% compared to the previous year, including the distribution of 9.2 billion KRW in disaster relief funds to all residents in the form of gift certificates twice.
It is also analyzed that policy budget execution such as disaster relief funds and farmers' allowances through Imsil Love Gift Certificates has increased consumption among local small business owners and neighborhood markets.
As a result, last year's sales reached 30.7 billion KRW, playing a pivotal role in revitalizing the local economy.
Although local governments are currently reducing regional currency support rates significantly due to a decrease in national subsidies, Imsil-gun has been classified as a ‘population decline area’ according to the government's regional currency national subsidy direction, and national subsidies have been decided for this year as well.
Accordingly, a 10% discount benefit will be provided throughout this year, and the individual purchase limit will be maintained at 300,000 KRW.
Imsil Love Gift Certificates are issued in paper form and card/mobile types, and can be purchased at a 10% discount through the mobile app (CHAK) or at 26 financial institutions in the region, including Nonghyup, Saemaeul Geumgo, and post offices.
The gift certificates can only be used at stores registered as affiliated merchants, and the county provides convenience to buyers by posting about 1,100 affiliated stores on the county website.
As of the end of January this year, the cumulative number of Imsil Love Gift Certificate subscribers is 14,202, accounting for more than 54% of the population.
Governor Shim Min said, “I hope that the issuance of gift certificates and discount policies will serve as a stimulus for residents and local small business owners amid difficult economic conditions.”
Imsil=Asia Economy Honam Reporting Headquarters Reporter Park Nosik baekok@asiae.co.kr
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