Park Junghyun, Mayor of Buyeo, "Guddeurae Pay Boosted Local Business Sales by 25%"

Successful Case Presented at the Chamjoheun Local Government Committee Excellent Policy Presentation

Park Junghyun, the governor of Buyeo County, is presenting the policy of Buyeo County's local currency 'GoodttraePay' at the Excellent Local Government Meeting. Photo by Buyeo County

On the 4th, Park Jeong-hyun, the governor of Buyeo County in Chungnam, presented the successful case of Buyeo County's local currency, "Goodtrae Pay," at the Excellent Policy Presentation hosted by the Chamjoheun Local Government Committee held at the National Assembly.

This presentation was organized for Democratic Party-affiliated local government heads from across the country to share policies aimed at economic recovery.

Governor Park highlighted the positive impact of Goodtrae Pay on revitalizing the local economy, citing active policy issuance from the initial adoption and the design of a community-circulating structure as key factors.

He explained, "By providing subsidies such as the Farmer's Allowance through Goodtrae Pay, we were able to quickly secure both affiliated stores and consumers, resulting in increased local spending and the rapid establishment of Goodtrae Pay."

He added, "By designing it as a community-circulating model, we achieved a virtuous cycle within the local economy," and evaluated, "The policy of providing a 3% incentive for transactions between affiliated stores is a unique case nationwide."

Park Jeong-hyun emphasized, "Through Goodtrae Pay, sales in local commercial districts increased by 25%," and stated, "Local currency will be a key driver for stimulating consumption and revitalizing local businesses."

According to Buyeo County, as of the end of 2024, the total distribution amount of Goodtrae Pay reached 525.5 billion won. Of this, approximately 54.3 billion won, or about 10%, was circulated within the local area.

This content was produced with the assistance of AI translation services.