The presidential office Cheong Wa Dae is seeking to spearhead boosting local consumption during the upcoming Lunar New Year’s Day holiday, the office said Wednesday, as part of efforts to support the country’s economic growth. (Image: Yonhap)
SEOUL, Jan. 31 (Korea Bizwire) – The presidential office Cheong Wa Dae is seeking to spearhead boosting local consumption during the upcoming Lunar New Year’s Day holiday, the office said Wednesday, as part of efforts to support the country’s economic growth.
The presidential office plans to purchase 160 million won (US$150,000) worth of gift vouchers that can only be used at traditional markets. They will be handed out to all Cheong Wa Dae officials to use, it said.
The move to increase spending at traditional markets will be joined by all government ministries.
“The government plans to help promote shopping at traditional markets and take part in efforts to revitalize domestic spending by jointly purchasing traditional market gift certificates,” the presidential office said in a press release.
“The move comes under the government policy to support enhancing the competitiveness of small, self-employed business people, which will be joined by all government ministries,” it added.
President Moon Jae-in plans to send holiday presents to a record number of around 10,000 people, also as part of efforts to raise local spending.
Those who will receive gifts from the president include political and economic leaders but also those in the low-income bracket and victims of recent accidents and disasters, such as the earthquake that hit the southeastern area of Pohang last year, according to Cheong Wa Dae.
The Lunar New Year’s Day falls on Feb. 16 this year. The government earlier said all highways will be toll free during the three-day holiday that will begin the day before the Lunar New Year’s Day as part of efforts to promote traveling and domestic consumption.
The South Korean economy is forecast to expand 3 percent this year following an estimated 3.1 percent growth in 2017, the highest in three years.
(Yonhap)
