Koo Yoon-chul Visits Traditional Market: "No Supplementary Budget Talks for Now... Closely Monitoring Stock Market" (Comprehensive)

Koo Yoon-chul, Deputy Prime Minister and Minister of Strategy and Finance, visited Cheonan Central Market on the 2nd to check the supply and demand trends of essential goods for the Lunar New Year holiday and the implementation status of the Lunar New Year livelihood stabilization measures. He purchased items at major stores to inspect the prices affecting everyday life. Ministry of Strategy and Finance

Koo Yoon-chul, Deputy Prime Minister and Minister of Finance and Economy, stated on the 2nd, "At present, there are no discussions within the government regarding a supplementary budget." Regarding the recent sharp decline in the stock market, he explained that it was due to the strong dollar phenomenon following the nomination of the US central bank chief.

Deputy Prime Minister Koo made these remarks in response to questions from reporters during his visit to Cheonan Central Market on the same day to inspect the implementation of the Lunar New Year livelihood stabilization measures. Recently, as President Lee Jaemyung has mentioned the supplementary budget several times, there have been growing expectations in the market for a "cherry blossom supplementary budget" in March. Koo's comments clarified that, as of now, no discussions on a supplementary budget are taking place.

Regarding the sharp decline in the domestic stock market, he said, "After the nomination of the US Federal Reserve (Fed) Chair, the dollar suddenly strengthened, which led to this phenomenon," adding, "We will monitor the situation closely."

On the situation where the United States has unilaterally announced tariff increases, he said, "Minister of Trade, Industry and Energy Kim Jeonggwan explained the situation to US Secretary of Commerce Howard Lutnick." He added, "He explained the process, including the Christmas holidays in December last year, the confirmation hearing for the Minister of Planning and Budget in January, and that full-scale action would begin in February. It seems that this explanation dispelled any misunderstandings."

Regarding investment plans in the United States, he said, "We explained to the US side that we will pass the relevant legislation without delay and proceed step by step with the necessary procedures." When asked whether the stance that "an annual investment of 20 billion dollars is difficult" still stands, he replied, "Investment will proceed in accordance with consultations with the United States."

Koo Yoonchul, Deputy Prime Minister and Minister of Strategy and Finance, visited Cheonan Central Market on the 2nd to check the supply and demand trends of essential goods for the Lunar New Year holiday and the implementation status of the Lunar New Year livelihood stabilization measures. He listened to the difficulties of market merchants through a meeting. Ministry of Strategy and Finance

Deputy Prime Minister Koo conveyed that at the meeting between Minister Kim and Secretary Lutnick, there were no issues raised regarding non-tariff matters such as Coupang or digital regulations, emphasizing, "The only message was to expedite the passage of the bill."

Accompanying the visit to Cheonan Market were Lee Byungkwon, Second Vice Minister of SMEs and Startups, Kim Jonggu, Vice Minister of Agriculture, Food and Rural Affairs, and Choi Hyeonho, policy chief of the Ministry of Oceans and Fisheries. This field visit was conducted to check whether price management for unstable items and discount support measures are functioning properly on site, in preparation for the possibility that perceived prices may rise due to increased demand during the Lunar New Year.

Deputy Prime Minister Koo personally checked the selling prices of items such as mackerel and eggs, which have recently seen significant price increases, as he toured the market.

Koo Yoonchul, Deputy Prime Minister and Minister of Finance and Economy, is inspecting the Lunar New Year price trends while touring Jungang Market in Cheonan, Chungnam on the 2nd. Ministry of Finance and Economy

He paid particular attention to the case of "Motnani Twisted Bread Sticks," which started as a street vendor at Cheonan Central Market and has since expanded overseas to locations such as New York in the United States. CEO Kim Daeyoung began this twisted bread stick business in 2013 with an initial capital of 3 million won and a 3.3-square-meter stall at Cheonan Central Market. It now has about 140 stores across Korea and has also expanded to New York, San Diego, and Malaysia, making it a notable success story.

Deputy Prime Minister Koo commented, "This is an exemplary case of local entrepreneurship that leverages regional culture and resources," adding, "If local startups and traditional markets are linked, they can be reborn as competitive spaces for consumption and experience."

He also stated that, as with the twisted bread stick shop, the government plans to strengthen support for practical R&D to discover good recipes. He explained that the government will support processes that enhance added value and efficiency by utilizing artificial intelligence (AI) for new product or recipe development, cooking robots, automation and process improvement, packaging design, marketing, and market development.

On this day, he requested that relevant ministries "ensure the smooth management of supply for price-unstable items and the provision of discount support during the remaining period, as perceived prices may rise due to overlapping demand for essential Lunar New Year goods."

He also noted, "This year's Lunar New Year livelihood stabilization measures include a total of 5 billion won in low-interest support for traditional market merchants to purchase essential goods, and a record 39.3 trillion won in new funding (loans and guarantees) to support liquidity for small business owners and SMEs during the holiday period." He added, "We will continue to work with the Ministry of SMEs and Startups and others to address the difficulties faced by small business owners and market merchants."