Gumi Love Gift Certificate Expands to Private Sector... Full-Fledged Launch of 'Mutual Prosperity Cycle' in Local Economy

Gumi City and Gumi Chamber of Commerce and Industry Sign 500 Million Won Gift Certificate Purchase Agreement
Expanding the Foundation for a Virtuous Cycle of Consumption Through Corporate Participation

The philosophy of mutual prosperity in Gumi City, encapsulated by the slogan "Let money earned in the region be spent in the region," is now spreading in earnest to private economic actors.

Kim Jangho, mayor of Gumi (left), is taking a commemorative photo with Yoon Jaeho, chairman of the Gumi Chamber of Commerce, after signing a purchase agreement for gift certificates worth 500 million won. Photo by Kwon Byunggun

On July 16, Gumi City announced that it had signed a purchase agreement (MOU) for the "Gumi Love Gift Certificate" with the Gumi Chamber of Commerce and Industry (Chairman Yoon Jaeho), and will supply a total of 500 million won worth of paper gift certificates to more than 700 member companies.

The signing ceremony was attended by Kim Jangho, mayor of Gumi, Chairman Yoon Jaeho, and representatives of major local companies, reaffirming their commitment to establishing a virtuous cycle for the local economy.

Companies that purchase the gift certificates will receive a 2% discount and can use the certificates for various purposes, including employee welfare, company dinners, and prizes for various events. The gift certificates can only be used at registered merchants within Gumi, which naturally leads to increased sales for local small businesses.

This agreement is significant as it marks the first step in expanding the community love gift certificate policy, which was previously led by the public sector, to a private sector-centered approach. The city aims to go beyond simple purchases and establish a structure where companies' routine expenditures directly revitalize the local commercial district.

Mayor Kim Jangho emphasized, "The Gumi Love Gift Certificate is the most direct tool for revitalizing the local economy," and added, "We will further strengthen the link of mutual prosperity by expanding participation beyond the public sector to include private companies."

Chairman Yoon Jaeho also responded, "I hope this agreement will spread as a sustainable local economic model where both small businesses and companies in the region can thrive together," and pledged that the Gumi Chamber of Commerce and Industry will actively cooperate.

Starting with this agreement, Gumi City plans to further expand private sector participation and simultaneously improve the system by increasing the number of participating merchants and enhancing the convenience of mobile payments.

Expectations are rising among local companies and small business owners for the expanded role of the "Gumi Love Gift Certificate," which connects local consumption to the regional economy and breathes new life into the local commercial district.