Korea to boost domestic tourism ahead of Lunar New Year holiday

Individuals step out of a practice at Seoul Station, Feb. 8, 2024, after visiting their hometowns throughout the Lunar New Yr holidays. Korea Occasions picture by Lee Han-ho

The federal government and the ruling Individuals Energy Social gathering (PPP) determined to supply as much as a 40 p.c low cost on KTX and SRT (high-speed rail companies) fares for passengers touring from the provinces to the Seoul Metropolitan space throughout the Lunar New Yr vacation, aiming to spice up home tourism, officers mentioned Thursday.

As well as, the federal government will supply 400,000 gained ($274) in home journey subsidies to 150,000 employees at small and medium-sized corporations.

These initiatives are a part of the federal government and ruling get together’s efforts to stimulate sluggish home spending amid a deepening financial droop.

„It’s a plan to revitalize native tourism throughout the Lunar New Yr vacation from Jan. 27 to 31 and to assist a clean journey residence for folks,“ the PPP mentioned. „We determined to boost transportation comfort, reminiscent of offering parking at native authorities buildings and public establishments, whereas additionally opening numerous historic websites, together with palaces and tombs, without cost and providing a spread of cultural occasions.“

Business insiders expressed cautious optimism in regards to the coverage’s potential to revitalize home tourism.

“The continued political turmoil has considerably weakened Koreans‘ client sentiment towards each home and outbound journey,” mentioned a tourism business official, who wished to stay nameless.

„Whereas customers could welcome the federal government’s value stabilizing efforts and insurance policies, in the end, it stays questionable whether or not such coverage assist will be of nice assist to revitalize home journey with none basic change within the political state of affairs,” he mentioned.

Stabilizing meals costs

The 2 sides additionally agreed to take an lively function in supporting the federal government’s efforts to stabilize folks’s livelihoods by supplying 1.5 instances the same old quantity of holiday-related foodstuffs.

Demand for greens, fruits, eggs, and different meals objects sometimes rises forward of the Lunar New Yr and Chuseok holidays, as folks put together meals for household gatherings.

„The value of radishes has elevated by 84 p.c, cabbages by 64 p.c, and pears by 25 p.c year-on-year,“ mentioned PPP Flooring Chief Rep. Kweon Seong-dong, calling for the “lively use of coverage loans.”

Ruling Individuals Energy Social gathering Flooring Chief Rep. Kweon Seong-dong, second from left, speaks throughout a party-government council assembly on the Nationwide Meeting in Seoul to spice up home consumption, Thursday. Yonhap

Forward of the Lunar New Yr vacation, the federal government introduced plans to considerably enhance the availability of high-demand items and implement numerous measures to spice up consumption so as to stabilize costs.

„We are going to enhance the variety of Lunar New Yr merchandise by 1.6 instances the same old quantity to make sure adequate provides,“ mentioned Agriculture, Meals, and Rural Affairs Minister Music Mi-ryung.

„The ministry will give attention to the federal government’s stockpile and contract cultivation of agricultural merchandise… and in addition supply the largest-ever low cost on agricultural merchandise to scale back the burden on customers,“ she mentioned.

Minister of SMEs and Startups Oh Younger-ju promised to problem 5.5 trillion gained value of „Onnuri“ reward certificates that can be utilized in conventional markets to assist revitalize native companies.

„We are going to promptly provide 26.5 trillion gained in coverage loans this 12 months, together with 1.7 trillion gained throughout the Lunar New Yr vacation, to handle the monetary difficulties of small enterprise homeowners,“ she mentioned.

Minister of Maritime Affairs and Fisheries Kang Do-hyung supplied to implement numerous measures to ease the burden on customers, „reminiscent of increasing the availability of saved marine merchandise and supporting value reductions.“

Vacationers take within the view from the highest of Mount Nam in Seoul, Monday. Yonhap