Pohang Mayor Lee Gang-deok, "Revitalizing Traditional Markets"... Listening to Local Small Business Owners' Voices on Site

Year-End and New Year Livelihood Economy Recovery, Exploring Economic Revitalization Plans with Local Small Business Owners

Discussion on Livelihood Economy and Small Business Support Measures... Need to Unite Efforts to Spread a Culture of Kind Consumption

Mayor Lee Gang-deok met with merchants and small business owners of traditional markets struggling due to the economic downturn on the 18th to encourage them and listen to their difficulties.

On the 18th, Mayor Lee Gang-deok of Pohang held a breakfast meeting at a restaurant in Jukdo Market with local small business-related organizations, traditional market merchant associations, and financial institution officials. Photo by Pohang City

On this day, Mayor Lee held a breakfast meeting at a restaurant in Jukdo Market with local small business-related organizations, traditional market merchant associations, and financial institution officials to gather on-site voices of small business owners, who are the core of the local economy.

At the meeting, Mayor Lee explained the special regional stabilization measures being promoted by Pohang City to the traditional market merchants and small business owners facing many difficulties such as a chaotic social atmosphere and consumption contraction due to high inflation and high interest rates.

He also discussed ways to revitalize the local economy with heads of institutions and organizations and urged them to join forces to help the alleyway commercial districts recover by encouraging good consumption during the year-end and New Year holidays.

Financial institution officials expressed their willingness to actively participate in interest rate reductions and special guarantees for small business owners, and the Credit Guarantee Foundation agreed to explore ways to relax conditions so that low-credit borrowers can receive loans.

Additionally, small business organizations pledged to make efforts to restrain price increases and to promote the recovery of the livelihood economy through merchant unity.

Mayor Lee Gang-deok said, “We will focus on promoting livelihood economy and small business support policies to revive the frozen local economy during the year-end and New Year holidays,” adding, “We ask local small business owners and citizens to actively participate in spreading the culture of good consumption by holding year-end and New Year gatherings at local stores to breathe new life into the local economy together.”

Pohang City plans to issue Pohang Love Gift Certificates worth 200 billion KRW next year to prevent consumption contraction amid economic instability and to invigorate the local economy. In particular, the issuance amount will be expanded to 60 billion KRW in early next year, along with a 10% discount event.

Furthermore, to strengthen the management safety net for small business owners vulnerable to the economic crisis, Pohang City will create a fund of 200 billion KRW to promote detailed financial support for small business owners, including special guarantees and interest subsidy funds.