Korea to hold shopping festival for foreign tourists in fall

The Korean government said Thursday it will hold a shopping festival engaging major retailers, manufacturers and traditional markets to draw foreign travelers and boost stagnant domestic consumption.

The Ministry of Trade, Industry and Energy said it will join hands with the Ministry of Culture, Sports and Tourism to hold the shopping campaign from Sept. 29 to Oct. 31 across the nation. 

"We will hold various cultural and entertainment events during the period to make it a global festival that combines shopping, tourism and the Korean Wave," the ministries said in a release.

The culture ministry plans to provide support by hosting cultural and entertainment events with K-pop stars to attract foreign travelers, while the trade ministry will push for trade fairs and exhibitions to create a synergy effect.

"We will push for the participation of major manufacturers and online shopping malls and provide support to expand discount rates and the number of items up for sale," the ministries said.

The latest move comes after the ministries separately held discount events last year as part of efforts to prop up the national economy hit hard by the Middle East Respiratory Syndrome outbreak in late May.

The culture ministry initiated a shopping festival called "Korea Grand Sale" from early September to mid-October, during which retailers knocked down prices to woo back both domestic consumers and Chinese travelers during the long-haul national holiday.

Less than a month later, the trade ministry held another nationwide shopping campaign, called "Korea's Black Friday," during the first two weeks of October to jack up the stagnant domestic consumption.

As last year's discount campaign was criticized for hasty preparations and limited participation by retailers, the government said it will form a joint task force to negotiate with retailers and manufacturers well in advance to offer shoppers better deals. (Yonhap)