Operated for One Month Until the 28th
Yeoncheon Love Gift Certificate Incentives Provided
Temporary Increase of Limit to 1 Million KRW
Yeoncheon-gun, Gyeonggi Province, is taking steps to revitalize the local economy, which has been weakened by domestic and international economic downturns, through the 'Local Currency Consumption Month.' Yeoncheon-gun announced on the 10th that it will operate the Local Currency Consumption Month until the 28th, focusing all efforts on promoting consumption within the region and stabilizing residents' livelihoods.
The county plans to temporarily raise the incentive payment limit for the Yeoncheon Love Gift Certificate and provide early consumption support funds using social contribution resources. In line with the Local Currency Consumption Month, Yeoncheon-gun will temporarily increase the incentive payment limit for the Yeoncheon Love Gift Certificate from 700,000 KRW to 1,000,000 KRW.
This measure aims to support small business owners struggling due to the prolonged economic downturn and winter seasonal factors, as well as local currency users, and to revitalize the shrinking neighborhood commercial districts.
Additionally, from the 21st to the 28th, Yeoncheon-gun will provide the first round of consumption support funds using social contribution resources. Consumers who make payments with local currency during the project period will receive a 5% cashback on their local currency payment amount, up to a maximum of 20,000 KRW per person. Local currency consumers will receive a total incentive of 15%, combining the basic 10% incentive and the 5% cashback.
Yeoncheon-gun plans to revise related ordinances and prepare supplementary budgets to increase the cashback on local currency payments to 10%, with a maximum of 100,000 KRW per person. Previously, to revive the depressed neighborhood commercial districts, Yeoncheon-gun encouraged early use of welfare points converted to local currency (256 million KRW) among 1,076 affiliated public officials and public workers.
A Yeoncheon-gun official stated, “We will actively promote the Local Currency Consumption Month to help increase store sales and revitalize the local economy. We also plan to establish and operate an economic cooperation council (tentative name) to respond to local crisis situations such as economic downturns.”
In addition, Yeoncheon-gun plans to carry out a special meal vehicle support project for soldiers as part of the mutual cooperation support project between local military units and civilian-military cooperation until December this year.
Yeoncheon-gun will invest a total of 134 million KRW to provide vehicles so that military personnel can use local commercial districts. This aims to satisfy soldiers’ dining-out needs and activate local consumption. Previously, Yeoncheon-gun held working-level meetings with the 5th Division, 28th Division, and others regarding project operations, and conducted a pilot operation of the special meal vehicle support project for soldiers from November to December last year. Through this project, about 750 soldiers stayed in Yeoncheon-eup, Jeongok-eup, and Sinseo-myeon, using local restaurants, thereby satisfying dining-out needs and increasing sales in neighborhood commercial districts.
Yeoncheon-gun plans to foster preferential stores for military personnel and expand incentive support to promote local consumption. With a budget of 92 million KRW, when military personnel use the Nara Sarang Card at preferential stores, 15% of the payment amount will be refunded as points or local gift certificates.
A Yeoncheon-gun official said, “Yeoncheon-gun is the best-established local currency area among the 31 cities and counties in Gyeonggi Province. We will continue to promote the use of local currency and provide practical support to small business owners struggling with the prolonged economic downturn, aiming to inject vitality into the local economy.”
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