The Ministry of SMEs and Startups announced on the 24th that it has approved an amendment to the enforcement decree of the 'Special Act on the Promotion of Traditional Markets and Shopping Streets,' which includes provisions on the designation and operation of specialized institutions to foster young merchants in traditional markets.
The Ministry of SMEs and Startups is providing support tailored to the life cycle of young merchants, from startup education to store establishment, marketing, and management consulting, to promote young merchants in traditional markets. There has been a growing opinion that it is necessary for specialized institutions to provide systematic support based on their understanding of the field and years of accumulated policy experience.
The Ministry of SMEs and Startups has established the foundation for systematic nurturing of young merchants by including the criteria for designating and operating specialized institutions in the enforcement decree. The amendment is scheduled to take effect in July, and through an announcement in September, it plans to select institutions with expertise in fostering young traditional merchants, with the goal of entrusting the nurturing project starting next year to these specialized institutions to facilitate the entry of young merchants into traditional markets.
Lee Dae-geon, director of small business policy at the Ministry of SMEs and Startups, noted, "Through this amendment, it is expected that young merchants will actively enter the traditional markets, adding new vitality to them," and added, "We will continue our policy efforts to strengthen the competitiveness of traditional markets."