The Ministry of SMEs and Startups said on the 16th it has selected business districts and markets to support under the "local commercial district development project" and the "centennial market development project," and will begin providing assistance to inject vitality into the economy based on local resources and the growth potential of commercial areas.
The Ministry of SMEs and Startups (MSS) prepared the "strategy to advance local commercial districts for everyone" to spread local startups nationwide and to pursue a policy in which key stores grow and local merchants and local corporations build commercial districts together.
As a follow-up to the strategy, the plan is to select six glocal commercial districts, 10 local theme commercial districts, 50 promising alley commercial districts, and 10 centennial markets this year to lay the foundation for boosting consumption and regional economic growth through the recovery of local commercial districts. Following this selection, by 2030 the government plans to select 11 additional glocal commercial districts and 40 local theme commercial districts to support region-led economic growth.
For the first time, public participation evaluation was introduced in the selection process for this project. The public participation evaluation for the centennial markets was broadcast live on YouTube to open the selection procedure. The public evaluation panel was recruited openly from people interested in local commercial districts and traditional markets. Considering age, gender, and occupation, 119 people were selected with a competition rate of about 5.6 to 1.
The Ministry of SMEs and Startups (MSS) will support up to 5 billion won in project costs over two years for the six glocal commercial districts selected this time. It plans to support the creation of foreigner-friendly commercial districts, including operating guides exclusively for foreigners and establishing duty-free streets, as well as promoting local startups and providing publicity and marketing.
For the 10 places selected as centennial markets, the government will support up to 3 billion won in project costs over two years. It plans to develop theme-based content reflecting the market's history and identity and to develop signature products.
Lee Byeong-gweon, second vice minister of the Ministry of SMEs and Startups (MSS), said, "Local commercial districts and traditional markets are not only the living base of local residents but also precious spaces where the region's history and culture have accumulated," adding, "Through this project, we will create a new model for the growth of local commercial districts that combines unique local resources with local startups and tourism content."