○ Four traditional markets selected for the 2021 Gyeonggi Province Traditional Market Specialization Project

o – Two traditional markets as Gyeonggi Province Commercial District Promotion Zones (Sinjang Market in Hanam city and Jeongok Market in Yeoncheon)

o – One traditional market as Gyeonggi Shared Market for Win-win Development (Songtan Market in Pyeongtaek city)

o – One traditional market as Gyeonggi Province Excellent Market Incubator (Gumaetan Market in Suwon city)
○ Focusing on strengthening traditional markets to self-perpetuate against the COVID-19 crisis and boosting the street economy

Four traditional markets in Gyeonggi Province—including Jeongok Market in Yeoncheon and Songtan Market in Pyeongtaek city—were selected for the 2021 Gyeonggi Province Traditional Market Specialization Project.

This project, propelled by the 7th government term of Gyeonggi Province, aims to strengthen the livelihood of traditional market merchants and other self-employed people, boost commercial zones of old downtown areas, and invigorate the street economy. This year, the markets were selected as: Gyeonggi Province Commercial District Promotion Zones, Gyeonggi Shared Market for Win-win Development, and Excellent Market Incubator.

Though initially planned to take into action next year, the selection of markets for the project took place as early as August this year to serve as an emergency solution to support traditional markets, after the COVID-19 pandemic continued to spread.

A selection and deliberation committee of experts in different fields reviewed the specialized strategies, effects, and capabilities of each traditional market and selected the final four with the highest scores.

First, the “Gyeonggi Province Commercial District Promotion Zone” is a project designed for traditional markets and its surrounding commercial areas to support them through tailored policies and invigorate their economies. The Sinjang Market in Hanam city and the Jeongok Market in Yeoncheon were selected for this project.

Each market is financially supported with a maximum of KRW 4 billion for four years for performing activities of invigorating commercial zones, such as facility renovation, marketing, and constructing cultural and arts facilities.

It will also help install and operate the “Commercial Zone Promotion Center” dedicated for the commercial zones to self-perpetuate and secure distinctiveness and competitiveness, and the “Commercial Zone Promotion Council,” a local consultative group composed of merchants and experts.

Second, the “Gyeonggi Shared Market for Win-win Development” is as project for creating “shared commercial zones” where local entities participate as sellers in places associated with traditional markets, street stores, and five-day markets. The Songtan Market in Pyeongtaek city was selected for this project, which a maximum of KRW 200 million will be supported.

Residents, cooperatives, farmers, and food truck owners will discover new items and programs that can help find new customers through the shared market project teams and managers. The project will also create a community in which merchants and residents can interact, therefore boosting the commercial zones.

Lastly, the “Gyeonggi Province Excellent Market Incubator” project aims to discover tourist attractions and specialties of the region and give support to grow as a market that represents the region, such as a market specialized as a hub for Korean Wave.

Gumaetan Market in Suwon city was selected for this project. A budget of KRW 1 billion will be used for tailored support such as maintenance of facilities, use of lots such as empty shops, promotion, and marketing.

Traditional Market Director Jo Jang-seok said, “We are developing and promoting various measures such as limited-edition local currency as an urgent economic prescription for the street economy which is undergoing hard times due to COVID-19.” He added, “We will pursue meaningful projects that will actually motivate markets to self-perpetuate and boost the local economy.