SEOUL, SOUTH KOREA – In a substantial pre-holiday economic boost, the South Korean government has announced plans to allocate approximately 40 trillion won (US$30.1 billion) to assist small and medium-sized enterprises (SMEs) and micro business owners ahead of the upcoming Chuseok holiday.
According to Yonhap News Agency, the funding was confirmed during a high-level meeting involving government and ruling party officials, which focused on measures to stabilize prices and support small businesses. This financial support is part of a broader initiative that also includes supplying a record 170,000 tons of essential holiday-related food items such as cabbage, apples, and pears to combat consumer inflation.
The decision comes as demand for various foodstuffs typically increases in South Korea during the Chuseok holiday, a period marked by family gatherings and elaborate meals. Additionally, the government and the PPP have agreed to implement several traveler-friendly measures such as waiving highway tolls and offering discounts on KTX and SRT train tickets, facilitating travel for those returning to the capital area from the provinces. This year’s Chuseok holiday is scheduled from September 14 through September 18.