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Gov't to push nationwide tourism and consumption drive for 'real growth'
Finance Minister Koo Yun-cheol, who also serves as deputy prime minister for economic affairs, speaks during a meeting of economy-related ministers at Government Complex Seoul, Thursday. Yonhap
By Jun Ji-hye
Finance minister to unveil new AI-powered growth plan later this month
The government will host large-scale domestic tourism and consumption events every month through the end of the year, aiming to turn the recent boost in spending driven by consumption vouchers into “real growth,” Finance Minister Koo Yun-cheol said Thursday.
Koo, who also serves as deputy prime minister for economic affairs, added that the government will unveil a new economic growth strategy later this month, which will include key policy directions focused on artificial intelligence (AI) and other future growth engines.
Koo made the remarks while presiding over a meeting of economy-related ministers — the first such gathering under the Lee Jae Myung administration since it took office on June 4. The first agenda item was boosting regional consumption.
He stressed that the meeting will be fully focused on addressing “concrete problems,” and relevant ministers will engage in intensive discussions and swiftly devise solutions to achieve what he called real growth.
“Consumer spending, which had long been sluggish, is now gradually picking up. While some say we have managed to put out the worst of the crisis, the real challenge for our economy begins now,” Koo said. “To ensure this hard-won momentum continues, we will organize major domestic travel and consumption events each month through the end of the year, following the recent rollout of livelihood-focused consumption vouchers.”
As part of a broader initiative to stimulate domestic spending and revive the slowing economy, the Lee administration began distributing voucher-based cash handouts on July 21. The program provides a one-time payment of 150,000 won ($108) to all Korean citizens and qualifying foreign residents who were living in the country as of June 18, with additional aid distributed selectively based on income levels.
A notice at a traditional market in Seoul’s Dongdaemun District informs shoppers that government-issued consumption vouchers are accepted, Sunday. Yonhap
According to the finance ministry, a series of additional events are planned, including an accommodation sale event this month, a travel campaign in September, the Duty-Free Festa in October and the Korea Sale Festa in November.
The government will also help local governments outside the Seoul metropolitan area form partnerships with at least two central ministries, public institutions or companies. These sister city ties will support initiatives such as group visits and joint purchases of local products, encouraging tourism exchanges and collaborative consumption.
Additionally, the government will offer targeted incentives for regional consumption by distributing exhibition vouchers and performing arts vouchers exclusively for use in areas outside the capital starting Friday.
Beginning Aug. 20, 800,000 accommodation vouchers valid only in regional areas will also be released.
Meanwhile, as part of its broader economic recovery efforts, the government is preparing to release a new national growth strategy later this month.
The plan aims to transition Korea from a follower to a front-runner in the global economy by identifying high-impact, next-generation industries and delivering fast, visible outcomes.
A central focus of the strategy is AI. The government intends to roll out tailored AI education programs for all segments of the population, ranging from elementary school students to skilled workers, to cultivate a society-wide base of AI competence.
“Our goal is to build a nation of AI specialists by offering targeted training for different groups, including students of all levels, young adults, military personnel, the general public and technical professionals,” Koo said. “The finalized strategy will be announced later this month after coordination with relevant ministries.”