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The South Korean government proposes to field K-pop stars to add appeal to the annual shopping extravaganza Korea Sale Festa to aid tourism and consumption industries.
Under the action plans for the 2019 economic policy direction reported to the president on Monday, the government will sponsor K-pop concerts twice a year timed with the regular shopping season.
It will create a mega-sized concert arena in Changdong in Seoul for a fixture in calendar and tourism.
It will allow more duty-free retail openings in downtown areas after revising related regulations. For large companies, they can receive a permit to open an additional store in a certain region if they record a more than 200 billion won ($177 million) increase in duty-free sales against a year-ago period, or the number of foreign tourists in the region rise by more than 200,000 compared to the previous year. Small- and mid-sized firms don’t need to meet the conditions and are free to open more shops.
[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
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