"Let's Revive the Local Economy Hit by the Impeachment Chill"... Eunpyeong-gu Launches Consumption Promotion Campaign

Eunpyeong-gu, Seoul (District Mayor Kim Mi-kyung) announced on the 18th that it will hold an emergency economic countermeasure meeting on the 12th and a business organization roundtable on the 16th to revive the local economy, which has been stiffened due to the ‘impeachment crisis,’ and will carry out a consumption promotion campaign.

To promote consumption in the neighborhood economy, Eunpyeong-gu will issue the entire 12.5 billion KRW worth of Eunpyeong Love Gift Certificates, which were previously issued separately during Lunar New Year and Chuseok, in mid-January next year. To encourage early use of the issued gift certificates, the district is negotiating with merchant associations to hold an event where merchants voluntarily offer an additional 5% discount when used at 12 traditional markets and shopping districts until the end of February next year.

On the 16th, a meeting with small business owners to minimize damage to the people's economy. Provided by Eunpyeong-gu.

If the merchant associations actively participate, the district plans to promote the list of participating stores through various media such as the Eunpyeong-gu Office website to actively inform residents.

In addition, private organizations such as the Eunpyeong Chamber of Commerce, the Small Business Federation, and the Small and Medium Enterprise Association will conduct the ‘Our Neighborhood Store Usage Challenge’ to restore consumer sentiment. This campaign is led by citizens who use local stores and share and promote their reviews through social networking services (SNS). The district plans to actively promote this through its website, blog, and other channels.

As part of other measures to revitalize the livelihood economy, the district plans to increase the loan limit of the Small and Medium Enterprise Development Fund from 100 million KRW to 200 million KRW and revise related regulations to include restaurants as eligible for loans. The district will also ensure thorough execution of the budget to prevent unused funds at the end of the year and plans to concentrate on early execution of next year’s budget at the beginning of the year.

In particular, Mayor Kim Mi-kyung urged active holding of evening gatherings such as year-end parties. She encouraged the local community, including about 170 investment and contribution organizations, private consignment institutions, and professional organizations, to hold planned gatherings during the year-end and New Year period.

To revitalize the local economy, Eunpyeong-gu adjusted the weekly day off for the district cafeteria, which was operated biweekly, to every Friday, and designated traditional markets and shopping districts by department to actively encourage dining and purchasing goods.

According to a survey by the Korea Federation of Small and Medium Business, 46.9% of small business owners and self-employed people suffered direct or indirect damage after the declaration of emergency martial law on the 3rd, and 83.6% of respondents said their business conditions this year were ‘difficult’ compared to last year. The main damage cited was the ‘cancellation of year-end group dinners such as year-end parties.’

Mayor Kim Mi-kyung said, “What is important is that the policies must be ones that residents can directly feel in their daily lives,” and added, “As a local government in an emergency situation, we will mobilize all human and material resources to carefully look after the lives of our residents.”