'Glocal Commercial Area Project' to Revitalize Local Communities 추진된다

Up to 15.5 Billion KRW Invested Over 5 Years

A large-scale project that injects vitality into stagnant commercial districts by local creators supporting the efforts of creative small business owners is being promoted. On the 3rd, the Ministry of SMEs and Startups announced the establishment of the 'Glocal Commercial District Project' to enable local creators to connect human and material resources in the region and attract domestic and international related populations to create 'Glocal Commercial Districts,' and is recruiting commercial district creation teams to carry out this project.

Recently, local creators who collaborate with existing merchants to create so-called ‘Ridan-gil’ streets are spontaneously emerging to revitalize regions and increase the value of commercial districts. Accordingly, the Ministry of SMEs and Startups plans to accelerate their efforts further and support autonomous commercial district management to prevent gentrification, aiming to create a representative success model called ‘Glocal Commercial Districts.’

This project is divided into Glocal Commercial District Creation Teams and Local Brand Creation Teams for the competition. Up to 5.5 billion KRW will be invested in the first year and up to 15.5 billion KRW over five years for the Glocal Commercial District Creation Teams. Since becoming a Glocal Commercial District requires not only attractive space planning but also the cultivation of creative small business owners, in addition to the existing local brand creation projects, 10 related projects such as commercial district revitalization projects, matching loans, and neighborhood funding will be supported simultaneously to the fullest extent over five years. To ensure smooth collaboration with local governments, local creators and small business owners must form a team and create a consortium with local governments to receive support.

For the Local Brand Creation Teams, similar to last year, up to 1 billion KRW will be supported over two years. In the first year, the Ministry of SMEs and Startups will provide 500 million KRW to be used for local business expansion such as joint branding and product development, as well as operating startup and innovation programs for prospective local small business owners. In the second year, local governments will provide 500 million KRW to spread alleyway industries through commercial district-linked festival planning and joint branding expansion.

Minister Oh Young-joo said, “The ‘Ridan-gil’ phenomenon created by local creators not only saves small business owners but also revitalizes the regional economy beyond the commercial districts,” adding, “This project is the first commercial district project designed to combine various small business projects that were individually supported into one project, led by the private sector with government and local governments providing support.”

Minister Oh continued, “We will support the development of neighborhood local commercial districts into Glocal Commercial Districts visited and stayed by numerous people domestically and internationally, creating a luxury Glocal city sought by the world while preventing regional extinction.”