In July, the 'Glocal Commercial District Project' Launch Ceremony Will Be Held
On the 18th, the Ministry of SMEs and Startups announced the selection of three "Glocal Commercial District Creation Teams" and five "Local Brand Commercial District Creation Teams" to revitalize the regional economy through local content-centered commercial district planning.
In April, the Ministry established the "Glocal Commercial District Project" by linking and reorganizing existing programs to enable local creators to connect human and material resources in their regions and attract domestic and international related populations to create "glocal commercial districts."
Three teams were selected for the "Glocal Commercial District Creation Teams": Suwon (leading company Gongjon Gonggan), Jeonju (leading company Krypton), and Tongyeong (leading company Local Stitch). These selected teams plan to collaborate with local creators, small business owners, and residents to create premium commercial districts that attract domestic and international related populations.
Up to 5.5 billion KRW will be invested in the three selected teams in the first year, with a maximum of 15.5 billion KRW over five years. To become a glocal commercial district, in addition to attractive space planning, fostering creative small business owners must accompany it. Therefore, more than ten related projects, including existing local brand creation projects, commercial district revitalization projects, matching loans, and neighborhood funding, will be supported simultaneously.
Additionally, five teams were selected for the "Local Brand Commercial District Creation Teams": Chungju (leading company Botem Plus Cooperative), Sangju (leading company Our Vision), Yangyang (leading company Raon Surf Resort), Gangneung (leading company The Root Company), and Jeju (Kakao Family).
For the Local Brand Commercial District Creation Teams, up to 1 billion KRW will be supported jointly with local governments over two years. In the first year, the Ministry of SMEs and Startups will provide 500 million KRW for joint branding, product development, expansion of local businesses, and operation of startup and innovation programs for prospective local small business owners. In the second year, local governments will provide 500 million KRW to support funds for planning commercial district-linked festivals, expanding joint branding, and spreading alleyway industries.
An inauguration ceremony presenting the meaning and future vision of the Glocal Commercial District Project will also be held next month. It will listen to advice from the field and experts to ensure the project's success. Minister Oh Young-joo stated, "Creative small business owners are creating new markets by adding economic value to old alleyway commercial districts based on local culture. We will maximize the use of private innovation capabilities to transform neighborhood alleyway commercial districts into glocal commercial districts visited and stayed by numerous people domestically and internationally, making them new growth engines for the region and South Korea."
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