Minister Ku Yun-cheol, the Deputy Prime Minister and Minister of Economy and Finance, stated on the 7th, "Consumption, which had been sluggish for a long time, is slowly reviving," and added that large-scale consumption events will be held every month until the end of the year to continue the 'consumption relay.'
Deputy Prime Minister Ku made this remark at the first meeting of the Economic Affairs Ministers since the inauguration of the new government, held that morning at the Government Seoul Complex in Jongno-gu, Seoul. The meeting was attended by vice ministers from key ministries, including the Ministry of Science and ICT, Ministry of the Interior and Safety, Ministry of Culture, Sports and Tourism, and Ministry of Agriculture, Food and Rural Affairs.
He noted, "For the past two months, the President and the Cabinet have been working tirelessly together to respond to emergency economic inspections and tariff negotiations," and added, "While there are evaluations that the immediate crisis has been addressed, the true test of our economy starts now."
He emphasized the need to focus on future growth competitiveness and ultra-innovation technologies, stating that we must keep pace with rapidly changing technological paradigms such as AI. He also explained that future Economic Affairs Ministers' meetings will be transformed into sessions that promptly develop solutions through intense discussions.
Deputy Prime Minister Ku also announced measures to revitalize consumption for the local economy at the meeting. The local economies are experiencing delays in consumption recovery compared to the metropolitan area due to structural constraints such as population decline.
The government plans to pursue large-scale domestic tourism and consumption events every month until the end of the year. Upcoming events include the Accommodation Sale Festa in August, the Traveling in Autumn Campaign and Companion Festival in September, the Duty-Free Festa in October, and the Korea Sale Festa in November.
In addition, support will be provided to enable each non-metropolitan local government to form partnerships with at least two central ministries, public institutions, corporations, and metropolitan local governments. This initiative aims to promote tourism exchanges through group visits at least once a year and expand consumption through joint purchases of local specialty products.
Various consumption incentives will also be provided to the local areas. A total of 1.6 million art exhibition coupons and 500,000 performing arts coupons will be issued immediately from August 8, granting additional limits for non-metropolitan exclusive coupons, while 800,000 accommodation coupons usable only in non-metropolitan areas will start being issued from August 20. From August 1 to October 9, an event called 'Big Prize Giveaway' will also be held, where 10 people will each receive 20 million won through a lottery if they purchase products from small businesses located outside of the metropolitan area.
Alongside these economic recovery efforts, the government plans to announce a 'New Government Economic Growth Strategy' in mid-August aimed at transitioning Korea from a catch-up economy to a leading economy. It will focus on selecting specific ultra-innovative economic items that will be the future food source for Korea and achieving visible results in a short period. In particular, tailored AI education will be provided to the entire population, from elementary students to skilled professionals, to nurture AI talent.