JEOLLABUK-DO < invest Korea

According to Yonhap News,

(SEOUL=Yonhap News) South Korea will push ahead with its plan to open tax refund shops in traditional markets to attract foreign travelers as a way to revive sluggish market places, the Small and Medium Business Administration (SMBA) said Monday.

The SMBA said it will open tax refund shops selling items popular with foreigners in traditional markets to provide tax exemptions on their purchases.

The agency plans to open the first tax refund shop in a traditional market in Jeonju, located 243 kilometers south of Seoul, and gradually expand the scheme. The city is famous for its traditional village and cultural heritage.

It will also open guest houses near popular markets to provide accommodations for visitors and hire tour guides who can tell the story of the market and the region.

The SMBA pledged to provide assistance for young entrepreneurs to open their own businesses in one of 18,000 empty stores in the traditional markets nationwide as part of efforts to tackle the rising unemployment problem.

ejkim@yna.co.kr

Copyrights Yonhap News. All Rights Reserved.