Gwangmyeong City Takes First Place at Local Autonomy Policy Conference with "Virtuous Cycle in Local Economy," Wins National Assembly Speaker's Award

83% of Gwangmyeong Love Currency spending went to neighborhood stores...67.2% of negotiated contracts were awarded to local businesses
Social and solidarity economy enterprises grew from 77 to 216...support for local businesses to expand their sales channels
Mayor Park Seungwon: "We will build a city where local growth benefits residents and strengthens community assets"

Gwangmyeong, Gyeonggi Province, won first place and the National Assembly Speaker’s Award at the 2026 Local Autonomy Policy Conference for its policy linking income and jobs generated locally to local consumption and investment.

Gwangmyeong Mayor Park Seungwon presents the city’s policy on building local community assets at the 2026 Good Local Autonomy Policy Conference, held on the 13th in the courtyard in front of Sarangjae at the National Assembly. Photo provided by Gwangmyeong City.

Gwangmyeong City said on November 15 that it received high marks for its efforts to foster social and solidarity economy enterprises, give preference to local businesses in procurement, and promote cooperation between major local institutions and companies at the conference, held at the National Assembly on November 13.

The conference, organized by the Good Local Government Council, selected award recipients from among 79 member local governments following document reviews and on-site presentations.

The cumulative issuance of Gwangmyeong Love Currency stands at KRW 1.2096 trillion. Small businesses accounted for 83% of total spending. Of the city’s public procurement contracts awarded through negotiated procedures, 67.2% were signed with businesses located in the city. The city has also developed “Good Morning Gwangmyeong,” a joint brand for local businesses, and held purchase consultation events to help them expand their sales channels.

The number of social and solidarity economy enterprises in Gwangmyeong grew 2.8-fold, from 77 in 2018 to 216 in September 2026. The city identifies and supports enterprises in care, education, climate, and digital fields at each stage of growth. At the Social and Solidarity Economy Innovation Center, built with KRW 11.8 billion in city funds, enterprises directly operate facilities such as a cafe and a rooftop garden and exhibit and sell local companies’ products and services.

After beginning research into its community asset ownership policy in 2024, the city established a Local Asset Ownership Team in July 2025 and enacted a related ordinance in April 2026. It is developing collaborative projects with 15 major local institutions, including Kia AutoLand Gwangmyeong and the Korea Sports Promotion Foundation’s Cycle Racing and Boat Racing Headquarters. Going forward, the city plans to develop indicators to measure the policy’s impact and establish a social solidarity fund to support the growth of enterprises that have difficulty accessing financing.

Gwangmyeong Mayor Park Seungwon said, “Even if a city grows, it is difficult for that growth to bring about changes that residents can feel if its benefits do not remain in the community. We will create a virtuous cycle in which value generated locally leads to business growth, quality jobs, and new investment, making Gwangmyeong a self-reliant economic city where residents and local businesses grow together.”

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