Strengthening Government-Wide Policy Efforts
to Sustain Growth Momentum and Boost Domestic Demand
The Ministry of SMEs and Startups announced that Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-chul, along with Minister of SMEs and Startups Han Sung-sook, visited the 'Korea Grand Festival: Together for All' event held in Jung-gu, Seoul on the 2nd. The Korea Grand Festival is a nationwide large-scale consumption festival organized by mobilizing government-wide capabilities to spread the trend of consumption recovery throughout the economy. Until the 9th, the event will offer the largest-ever discounts at both online and offline venues across the country.
Koo Yoon-chul, Deputy Prime Minister for Economy and Minister of Economy and Finance, and Han Sung-sook, Minister of SMEs and Startups, visited the Doota Mall Plaza in Jung-gu, Seoul on the 2nd to tour the Korea Grand Festival site.
Deputy Prime Minister Koo and Minister Han toured booths selling products such as coffee, handicrafts, perfumes, and clothing, encouraging small business owners who support the local economy and listening to their concerns on site. They also introduced various incentives to boost consumption to visitors, including an additional 5 percentage point discount on local gift certificates, a special 5 to 15 percentage point cashback on Digital Onnuri Gift Certificates, a win-win consumption lottery event, and win-win payback offers.
Deputy Prime Minister Koo stated, "Private consumption has seen the largest increase in three years, driven by improved consumer sentiment, consumption coupons, and stock market revitalization, leading to third-quarter growth. Since the launch of the new administration, the growth trend has been recovering rapidly. We will strengthen policy efforts to boost domestic demand, including the Korea Grand Festival, so that the growth momentum can be sustained going forward."
Minister Han also commented, "The Korea Grand Festival, including the Together for All sales event, goes beyond a simple discount event and can serve as a spark for stimulating consumption and reviving the local economy. I hope everyone will join in making hopeful purchases."
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