Enforcement Decree Amendment Approved at Cabinet Meeting
Systematic Support Tailored for Young Merchants
Specialized Agencies to Oversee Projects Starting Next Year
The Ministry of SMEs and Startups announced on June 24 that it had approved a partial amendment to the Enforcement Decree of the Special Act on the Promotion of Traditional Markets and Shopping Districts at a Cabinet meeting. The amendment includes provisions regarding the designation and operation of specialized agencies to foster young merchants in traditional markets.
The ministry provides support tailored to the life cycle of young merchants in traditional markets, ranging from entrepreneurship education and store openings to marketing and business consulting. There have been calls for specialized agencies with professional expertise to provide systematic support based on their understanding of the field and years of accumulated policy experience. In response, the ministry has established criteria for designating specialized agencies and outlined operational procedures in the enforcement decree, laying the groundwork for the systematic development of young merchants.
The revised decree is scheduled to take effect next month. In September, the ministry plans to select agencies with expertise in fostering young merchants in traditional markets through a public announcement, and starting next year, will entrust these agencies with the youth merchant development project to encourage more young merchants to enter traditional markets.
Lee Daegun, Director of Small Business Policy at the Ministry of SMEs and Startups, stated, "With this amendment, we expect a vibrant influx of young merchants into traditional markets, bringing new energy to the marketplace," adding, "We will continue our policy efforts to strengthen the competitiveness of traditional markets in the future."
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