○ Gyeonggi Province selects 111 traditional markets for facility modernization and fire safety net establishment in 2022
– Facility modernization (1 sector) of 12 traditional market locations
– Safety facilities, fire safety personnel, fire insurance, and safety expansion (4 sectors) for 99 locations

○ KRW 4.3 billion in provincial funding confirmed with two remaining budgets for other projects (facility modernization, safety facilities) scheduled

Gyeonggi Province announced on March 3 that it has selected traditional markets and shopping districts that will be supported under its Facility Modernization and Fire Safety Net Establishment initiative so as to create a safe and convenient shopping environment in traditional markets this year.

To this end, a public invitation was undertaken in October 2021 to identify areas requiring market revitalization, such as traditional markets and shopping districts. A selection committee convened in December to finalize the selected areas through in-depth consideration of local merchant interest, budget requirements, and so on.

First is the Traditional Market Facility Modernization initiative, a project aimed at ensuring the competitiveness of traditional markets and enhancing customer convenience by significantly improving market functionality through modernized facilities that reflect the latest consumption trends.

A total of 12 locations, including Wonjong Jungang Market and Jeongok Traditional Market, were selected for this project. A sum of KRW 3.02 billion will be allocated to support the renovation and installation of amenities such as arcades, delivery centers, customer service centers, public bathrooms, and more.

Then there is Traditional Market Fire Safety Net Establishment initiative, which is expected to help merchants smoothly resume normal lives after the occurrence of fires by improving deteriorated fire safety facilities so as to strengthen initial responses, such as fire prevention and associated measures, and by establishing a safety net for follow-up compensation.

A total of 99 locations, including Motgol Market and Ilsan Traditional Market, were selected for four project sectors – safety facility improvement, fire safety personnel, fire insurance, and safety expansion – and a total of KRW 1.26 billion in provincial funding has been earmarked for this purpose.

More specifically, KRW 350 million will be used for safety facility improvement in 7 locations, including Nammun Fashion 1st Street Market; KRW 250 million for fire safety personnel in 16 locations, including Yeokgok Sangsang Market; and KRW 560 million for fire insurance support in 41 locations, including Tong Bok Traditional Market (approximately 3,400 stores).

A total of KRW 100 million will be devoted to the safety expansion sector, which will be divided into the installation of automated external defibrillators (AEDs) and visible fire extinguishers. These will be provided to 19 locations (19 units), including Gwangmyeong Saemaeul Market, and 16 locations (64 units) on Wondong Shopping Street in Osan City, respectively.

With 111 traditional markets and shopping districts involved in this project, a total of KRW 4.28 billion in provincial funding will be allocated.

Gyeonggi Province plans to hold additional public invitations in March for the facility modernization and safety facility improvement sectors for which the remaining budget (KRW 3.6 billion) has been earmarked. Details will be posted on the Gyeonggi Province website in the future.

Small Business Division Director Jo Jang-seok said, “We plan to actively promote this initiative to revitalize the market economy by strengthening the competitiveness and solidity of our traditional markets. We ask for your invaluable interest in and support for traditional markets in Gyeonggi Province through the upcoming public invitations.”