Ministry of SMEs and Startups Holds 'Traditional Market Future Forum'

Exploring Development Plans for the Future of Traditional Markets

The Ministry of SMEs and Startups announced on the 15th that it held the Traditional Market Future Forum under the theme of "Innovation of Traditional Markets to Enhance Growth Competitiveness" at the community space Masil located in Seoul.

About 50 people attended the forum, including Minister Oh Young-joo of the Ministry of SMEs and Startups, market merchants and young merchants from the National Merchants Federation, and experts from various fields. The presentation topics were prepared based on the agenda discussed by the 'Public-Private-Academic Joint TF for Traditional Markets,' which was launched last August.

The first presenter, Professor Park Seung-bae of Seoul National University of Science and Technology, presented cases of overseas traditional markets and proposed policy alternatives regarding the analysis of current issues such as differences and commonalities with Korean traditional markets and ways to utilize them.

The second presentation was given by Lee Ji-eun, CEO of Yukgeori Somunnan Dumplings, which has entered the U.S. market with vegan dumplings made using dried radish strips. CEO Lee introduced the global expansion history to young merchants and shared ways to overcome difficulties, providing practical tips for young merchants preparing for startups or exports.

Suggestions on the roles of traditional markets and the government for the future of traditional markets, as well as cooperation with the private sector, were also made by Lee Chung-hwan, president of the National Merchants Federation. The comprehensive discussion was chaired by Professor Kim Hyung-jun of the Department of Business Administration at Chungnam National University, providing time to exchange diverse opinions on development plans for traditional markets.

Minister Oh Young-joo of the Ministry of SMEs and Startups said, “As our country advances as a digital leading nation and fosters the digital industry, it is time for the government and private sector to work together to ensure that our traditional markets develop into digital traditional markets and further transform into traditional markets suited for the global era.” She added, “An approach that includes not only the economic functions but also the social and cultural functions of traditional markets is necessary, and efforts should focus on securing the self-sustainability of traditional markets linked with local communities.”