Hankyung Association Encourages Member Companies to Participate in Domestic Demand Activation and Small Business Support Campaign

Official Letter Sent to Member Companies
Encouraging Purchase of Domestic Agricultural and Livestock Products as Lunar New Year Gifts

The Korea Economic Association announced on the 13th that it sent an official letter to its member companies requesting their participation in a campaign to revitalize domestic consumption and support small business owners.

Ryu Jin, Chairman of the Korea Economic Association, visited a jokbal (pig's trotters) restaurant at Woori Market in Daerim-dong, Yeongdeungpo-gu, Seoul on the 7th and had a conversation with the merchants. Photo by Korea Economic Association

The requests made by the Korea Economic Association to its members include purchasing domestic agricultural, livestock, and marine products as Lunar New Year gifts, encouraging employees to use annual leave before and after the Lunar New Year holiday, promoting domestic travel during the holiday period, boosting the use of Onnuri gift certificates, early payment of delivery fees to partner companies, early event contracts, and advance payment of deposits.

According to the Korea Economic Association, small business owners are struggling due to the economic downturn. The Ministry of SMEs and Startups operates the 'Yellow Umbrella' mutual aid for the livelihood stabilization and retirement security of small business owners. The amount paid out last year for business closure reasons from this mutual aid was 1.3019 trillion won (as of November last year). This is a 10.1% increase compared to the same period the previous year (1.182 trillion won), marking the highest amount ever recorded.

Lee Sang-ho, Head of the Economic and Industrial Headquarters at the Korea Economic Association, stated, "As the economic downturn prolongs and political uncertainty intensifies, the difficulties faced by small business owners are deepening," adding, "With the Lunar New Year holiday approaching, it is a crucial time for companies to actively support small business owners to overcome their hardships."