Jeonnam Province to Issue 250 Billion Won in Local Love Gift Certificates... Discounts Up to 12%

Provincial Government to Proactively Invest 5 Billion Won
Boosting Consumption and Revitalizing Local Businesses Expected

Promotional Material for Local Love Gift Certificates. Provided by Jeonnam Province

Jeonnam Province announced on January 5 that, starting this month, it will proactively invest 5 billion won of provincial funds to issue Local Love Gift Certificates worth a total of 250 billion won, in order to stimulate consumer spending and stabilize local business operations.

As a result, the province will add an additional 2% provincial subsidy to the regular 10% discount rate, which is funded by the central government and local city and county budgets. This will raise the discount rate to a maximum of 12% at the beginning of the year, thereby increasing the tangible effect of stimulating consumption for residents and injecting real vitality into local businesses.

Jeonnam Province has consistently demonstrated the effectiveness of its proactive issuance of Local Love Gift Certificates and its policy of maintaining discount rates in boosting consumption and increasing sales for small businesses. The additional provincial support this time is a continuation of these policy efforts.

Kim Youngrok, Governor of Jeonnam Province, stated, "By promptly injecting provincial funds at the start of the year to further raise the discount rate for Local Love Gift Certificates, we are taking preemptive action to reduce the financial burden on residents and revitalize struggling neighborhood businesses. We will continue to work with the central government and local cities and counties to drive the recovery of the local economy."

Jeonnam Province is currently conducting a comprehensive analysis of the issuance trends and consumption effects of the Local Love Gift Certificates and is considering additional financial support measures. The province plans to continue managing the program in close cooperation with cities and counties to ensure that the Local Love Gift Certificates serve as a key tool for economic recovery.

Meanwhile, in some areas such as Yeongam County and Muan County, local governments plan to allocate additional budgets to operate the Local Love Gift Certificates at a 15% discount rate, which is expected to help ease the financial burden on households concentrated at the beginning of the year.