Suwon City to Invest 4 Billion Won in Revitalizing Nammun Market Area

Suwon City in Gyeonggi Province will invest 4 billion won by 2027 to promote a project aimed at revitalizing the commercial district around Suwon Nammun Market.

On December 15, Suwon City announced that it had secured 2 billion won in national funding after being selected for the "Specialized Market Development Project (Centennial Market)" organized by the Ministry of SMEs and Startups, in collaboration with markets in the Suwon Nammun Market area.

Previously, Suwon City formed the "Suwon Nammun Market Consortium" together with Suwon Urban Foundation, as well as eight markets in the Nammun area: Jidong Market, Yeongdong Market, Paldalmun Market, Motgol General Market, Minari Square Market, Citizens' Shopping Center Market, Nammun Fashion No.1 Street Market, and Gucheon-dong Tool Market, and applied for the project.

The Suwon Nammun Market Specialized Market Development Project will be carried out with a total investment of 4 billion won, including 2 billion won in national funding and 2 billion won from the city budget, by December 2027.

Suwon City Hall

The main initiatives will connect the core commercial districts and Nammun Market to create a complex commercial zone that integrates culture, tourism, shopping, and experiential activities. In addition, the project will establish a one-stop tourism shopping hub center and create a "King's Market" themed street, while also promoting a night market and nighttime festivals to invigorate the nighttime economy.

The project will also increase the variety of food and attractions that reflect the unique characteristics of markets across the country, and develop an artificial intelligence (AI) digital guidance service to enhance convenience for foreign tourists.

Lee Jaejun, Mayor of Suwon, stated, "Suwon City has declared itself a city that protects local commercial districts, setting a goal to create a traditional market that grows together with citizens based on the three strategies of growth, coexistence, and support. We will do our best to ensure that Suwon Nammun Market, a market established by the king, can continue its 230-year history and move toward the next two centuries."