The Ministry of SMEs and Startups said it will begin accepting applications on the 25th from traditional markets to join the centennial market development project, which aims to expand the brand value of traditional markets.
A centennial market refers to a representative traditional market where visitors can enjoy long-standing history and unique culture passed down through generations. Since last year, two markets—Suwon Nammun Market and Jeonju Nambu Market—have been selected and piloted. This time, the program will be expanded and implemented to develop traditional markets by using their history and identity as regional strengths.
Eligible applicants are traditional markets with at least 70 years of history. A consortium that includes local governments, affiliated agencies, and merchants' associations can apply for up to two markets per metropolitan local government.
Key support includes: ▲ story planning that leverages the market's historical and cultural characteristics ▲ space creation for complex cultural spaces, such as themed streets ▲ product development such as goods using the centennial brand, specialized products utilizing the market's unique features, and experience programs. Up to 3 billion won in project funds will be provided over two years to the 10 markets ultimately selected.
A "public participation evaluation" process will be newly introduced in this year's selection. A public evaluation panel made up of the public, foreign residents in Korea, and influencers will listen directly to presentations by candidate markets and take part in the evaluation.
Choi Won-young, director general of the Small Business Policy Bureau, said, "We aim to brand and commercialize the historical and cultural value of traditional markets to reinvigorate them," and added, "With the influence of the Korean wave, we will ensure that visitors to Korea who want to enjoy domestic culture can find distinctive food and sights at traditional markets."