Exploring the 'Future of Traditional Markets' with Market Merchants... Ministry of SMEs and Startups Launches Public-Private-Academic TF

Meeting with the National Merchants Federation
Discussion on Traditional Market Livelihood Issues and Competitiveness Enhancement Measures
"Establishing a TF with the Ministry of SMEs, National Merchants Federation, Experts, and Youth"

The Ministry of SMEs and Startups will launch a public-private-academic task force (TF) to enhance the self-sustainability of over 1,800 traditional markets nationwide and discuss development directions.

On the 5th, the Ministry of SMEs and Startups held a luncheon meeting with the National Merchants Federation to hear voices from the field regarding the livelihood issues of traditional markets. The event was organized to exchange opinions with the newly formed 9th National Merchants Federation members on livelihood issues and ways to enhance the competitiveness of traditional markets.

[Image source=Yonhap News]

On the day, Minister Oh Young-joo of the Ministry of SMEs and Startups stated, "Overcoming the difficulties we face is the most important task, but it is also essential to establish a foundation for securing future competitiveness." He added, "To ensure the effectiveness of the comprehensive measures for small business owners and self-employed announced on the 3rd, I wanted to meet the National Merchants Federation first to hear their opinions." Minister Oh had previously emphasized enhancing self-sustainability by visiting traditional markets first during his candidacy and on the first day of the new year.

On the 3rd, the government announced the 'Comprehensive Measures for Small Business Owners and the Self-Employed,' which includes tailored support based on the management conditions of small business owners. The measures are based on three principles: 'focusing on vulnerable groups, providing sufficient support, and parallel structural responses.' These were prepared to alleviate difficulties faced by small business owners, such as cost burdens due to prolonged high interest rates, delayed domestic demand recovery, and increased debts incurred during the COVID-19 response.

At the meeting, Minister Oh, Park Sung-hyo, President of the Small Enterprise and Market Service, Lee Chung-hwan, President of the National Merchants Federation, and heads of 14 city and provincial branches attended to discuss difficulties faced by markets nationwide and field opinions on government policies.

President Lee of the National Merchants Federation said, "Innovation and change must precede in traditional markets for them to gain competitiveness, and for that, stable operation of merchants' associations must be supported." He added, "To strengthen the role of merchants' associations, expanded government support is necessary." Various opinions were also raised, including the establishment of a merchants' bank, issuance of merchant-exclusive cards, expansion of discount events for agricultural, livestock, and fishery products to promote consumption, and the introduction of new market marketing events.

In response, Minister Oh said, "We will carefully review the various opinions raised today and reflect them in policies while cooperating with related ministries." He added, "To continuously discuss the development direction of traditional markets, we will establish and actively operate a public-private-academic TF consisting of the Ministry of SMEs and Startups, the National Merchants Federation, experts, and youth."