Ministry of SMEs and Startups: "Revitalizing the Regional Economy through Glocal Commercial Districts"

4th Small Business Growth Relay Roundtable

The Ministry of SMEs and Startups announced on December 18 that it held the 4th Small Business Growth Relay Roundtable at the Hanok Taejo Palace Hotel in Jeonju, under the theme of "Creating Glocal Commercial Districts Linked with K-Tourism and Culture."

This roundtable followed the "Small Business Recovery and Stability Roundtable Season 1," which was held from July to October, and marked the fourth session of "Small Business Growth-Focused Relay Roundtable Season 2," which has been underway since November. The event was attended by about 20 participants, including nine small business representatives, private sector experts in commercial districts, and academics.

The fourth session focused on "the creation and expansion of glocal commercial districts," which are key to the regional economy. During the roundtable, Oh Minjeong, team leader at Crepton, shared the current status of the Jeonju glocal commercial district initiative, discussing efforts and changes such as building a joint brand with small businesses and attracting local investment. In particular, the potential for expanding the glocal commercial district by connecting Hanok Village, Wedding Street, and Gaeksa-gil was highlighted.

Next, Dr. Jung Ina from the Architecture and Urban Research Institute presented on "Space Management Strategies for Glocal Commercial Districts," emphasizing the importance of branding commercial districts using local resources and expanding global hubs. Finally, the Ministry of SMEs and Startups explained its direction for promoting the creation of glocal commercial districts.

During the subsequent open discussion, participants exchanged views on the creation and expansion of glocal commercial districts that incorporate K-tourism and culture. Topics included fostering global anchor stores, improving the environment for visits and stays in commercial districts, expanding domestic and international marketing, and the need to utilize idle local resources.

Lee Byungkwon, the Second Vice Minister of the Ministry of SMEs and Startups, stated, "To promote Commercial District Renaissance 2.0, a key government initiative that integrates K-tourism, culture, and industry, we will systematically create and expand glocal commercial districts." He added, "Distinctive commercial districts that attract both domestic and international visitors are the key to revitalizing the regional economy." Lee further remarked, "We will actively support the successful spread of creative models developed in local communities, in cooperation with relevant ministries and local governments."