Yoon calls for boosting domestic consumption

Mar 30, 2023, 08:57 am

		0
President Yoon Suk-yeol speaks during an emergency meeting at the presidential office in Seoul on March 29, 2023./ Source: Yonhap

AsiaToday reporters Lee Wook-jae & Lee Ji-hoon

“We must think about ways to create new economic added value by boosting domestic demand,” President Yoon Suk-yeol said on Wednesday.

Yoon made the remark while presiding over an emergency meeting on economic and public livelihood matters with economy-related ministries at the presidential office.

The president called for concrete and active measures to boost domestic consumption such as revitalizing domestic tourism amid worsening external situations, such as the war in Ukraine and inflation, despite the Yoon Suk-yeol government’s efforts to stabilize the public’s livelihoods and expand exports.

As part of measures to boost domestic demand, the government set aside 60 billion won to encourage more Koreans to opt for domestic travel and to improve the visa system to attract foreign tourists.

“The easing of COVID-19 restrictions worldwide and an improvement in relations between South Korea and Japan are creating the conditions to restore the food, hospitality and tourism sectors to pre-pandemic levels,” Yoon said.

The president ordered related officials to ease conditions for visa issuance for group visitors and increase the number of international flights.

He also ordered to put forth measures to diversify and connect cultural and tourism content and to develop traditional markets into a cultural product that attracts tourists.

Following Yoon’s instructions, the government announced measures to revitalize domestic consumption, such as supporting accommodation fees.

Specifically, the government plans to offer 30,000 won ($23.08) discount coupons for up to 1 million people to support their accommodation fees. Some 190,000 workers affiliated with small and midsized firms will be able to receive a 100,000 won subsidy for a local trip.

#Yoon Suk-yeol #domestic consumption