Procedures Underway for Costco Opening by 2029
Support Including 50 Billion Won in Low-Interest Stabilization Funds
Special Guarantees to Ease Fee Burden for Small Business Owners
Jeollanam-do Governor Kim Young-rok is signing an investment agreement between Costco Korea Co., Ltd., Jeollanam-do, Suncheon City, and the Gwangyang Bay Area Free Economic Zone Authority on the 30th at the Fairmont Ambassador Hotel in Yeouido, Seoul. Attendees at the signing ceremony included Jeollanam-do Governor Kim Young-rok, Costco Korea Co., Ltd. CEO Cho Minsu, Suncheon Mayor Noh Gwan-gyu, and Gwangyang Bay Area Free Economic Zone Authority Director Koo Chung-kwon. Photo by Jeollanam-do Office
Jeollanam-do Province announced that it will actively promote mutual growth with small business owners, taking the investment attraction of Costco Korea Co., Ltd. in the Sunwol District of Suncheon as an opportunity.
On September 30, Jeollanam-do Province signed a 102 billion won investment agreement with the major retailer Costco Korea Co., Ltd. for a new store in the Sunwol District of Suncheon. The province plans to carry out follow-up administrative procedures, including changes to the implementation plan, architectural review, and commercial district impact assessment, with the goal of opening the store by 2029.
The investment by Costco in Sunwol is expected to invigorate the local economy by boosting shopping, tourism, youth settlement conditions, job creation, and consumer satisfaction. It is also anticipated to help the region emerge as a commercial hub encompassing Jeollanam-do, Jeollabuk-do, and Gyeongsangnam-do.
Going forward, Jeollanam-do Province plans to support mutual growth between the company and small business owners to ensure that attracting Costco drives local economic revitalization.
The province will provide low-interest management stabilization funds and special guarantees totaling 50 billion won for small business owners. In particular, the special guarantee program will reduce the burden of guarantee fees (fixed at 0.8%) for small business owners. The support targets small business owners in Suncheon, Gwangyang, and Yeosu.
The province will also support up to 100% of the monthly employment insurance premiums for self-employed individuals and provide up to 240,000 won per year as incentives for joining the Yellow Umbrella Mutual Aid Fund, thereby strengthening the social safety net.
To help small business owners adapt to the rapidly changing business environment and enhance their competitiveness, the province will expand support for installing smart devices such as kiosks and digital signboards, provide digital transformation education, and assist with the production of promotional videos and the development of brands and designs to help open new sales channels and increase revenue.
In addition, the province will promote collaborative projects between the company, the region, and small business owners. To ensure that the company contributes to community development and achieves win-win outcomes with small business owners, a mutual growth council will be established among Costco, Suncheon City, and the Suncheon Small Business Association. Through mutual growth agreements between Costco and small business owners, such as hiring local talent and prioritizing local agricultural, fishery, and small business products for store entry, the province aims to strengthen trust and communication between the company and the local community.
Jeonnam Governor Kim Young-rok emphasized, "The opening of Costco is expected to serve as a catalyst for local economic recovery by increasing residents' happiness, revitalizing tourism, and improving living conditions," adding, "We will actively promote enhanced support for small business owners and mutual growth cooperation to ensure harmony with the local community."
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