The South Korean government has selected five major tourism zones to encourage foreign tourists, who have traditionally concentrated in the Seoul metropolitan area, to enter directly through regional airports. The government has set a goal of reaching 5 million inbound visitors across these five zones by 2029, backed by a 410 billion won support package next year.

To stimulate consumer spending, the national-scale discount event "Korea Grand Festival" will kick off on the 29th of this month, alongside agricultural, livestock, and fishery product discount promotions offering up to 50% off.

Deputy Prime and Minister of Finance and Economy Lee Hyung-il presided over the Emergency Economic Headquarters Meeting, Economic Ministers' Meeting, and the Service Industry Development Task Force (TF) held at the Government Seoul Complex on the 14th and announced these measures.

Deputy Prime Minister Lee stated, "We will expand and restructure the inbound tourism framework—which has heavily relied on visitors arriving at Incheon Airport and mostly visiting the capital region—so that tourists can enter directly through regional airports."

Previously, last month, the government designated five ultra-regional tourism zones centered around five major regional airports: the Gimhae, Daegu, Cheongju, Yangyang, and Muan airport regions.

Approximately 410 billion won in combined national and local government funding will be injected into these five tourism zones next year. Regulatory exemptions linked to the upcoming Mega Special Zone Act are also under review. Furthermore, artificial intelligence (AI) demonstration projects will be promoted to resolve common traveler challenges, such as transportation and language barriers.

Additionally, the government plans to foster five or more national and regional representative exhibitions by 2030.

Emphasizing the initiative, Deputy Prime Minister Lee noted, "To build a business platform befitting a $1 trillion export economy, we will launch cutting-edge industrial exhibitions linked with AI for the first time this year, while also fostering flagship exhibitions for K-food and K-beauty. We will designate exhibition industry development zones to build regional ecosystems."

The government will also continue large-scale discount events designed to ease livelihood burdens and stimulate consumption.

The national discount festival "Korea Grand Festival" will run from the 29th of this month through the 15th of next month.

During this period, the discount rate for digital Onnuri gift certificates will be raised from 7% to 10%. A "Co-prosperity Consumption Lottery" offering a total of 1.7 billion won in prize money will also be operated, alongside ongoing discount promotions of up to 50% on agricultural, livestock, and fishery products.

The government plans to announce specific details regarding the events this month following discussions among relevant ministries.

Meanwhile, the 11th Petroleum Price Ceiling System, which sets an upper limit on oil refinery supply prices, is scheduled to take effect starting at midnight on the 17th.

"Thanks to policy efforts such as the price ceiling system, the September inflation rate recorded the 2% range," Deputy Prime Minister Lee said. "However, tensions in the Middle East—including the Strait of Hormuz and the Red Sea—have recently escalated again, meaning we cannot lower our guard. We will comprehensively review international oil price trends and public financial burdens, and announce the 11th petroleum price ceiling at 6:00 PM on the 16th of this month."

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