ID :
192272
Fri, 07/01/2011 - 13:25
Auther :
Shortlink :
https://oananews.org//node/192272
The shortlink copeid
Biz groups urged to invigorate domestic consumption
SEOUL, July 1 (Yonhap) -- Samsung Group, South Korea's biggest business conglomerate with a yearly sales of 259 trillion won, has decided to take the lead to spur domestic consumption, thus helping invigorate the economy as a whole.
The group reportedly plans to dole out 100 billion won by the middle of September in an effort to encourage its employees and those from its affiliated firms to spend more.
Under the plan, Samsung will give free tourism coupons worth 200,000 won per person to a total of 20,000 employes that can be used during the summer holiday season. Those coupons should be used to buy travel tickets or dine in local restaurants.
The group also plans to purchase farm produce and other local specialties or something to donate to social welfare facilities.
Before the Chuseok, the nation's biggest traditional holiday which falls on Sept. 12 this year, Samsung's employees will receive more gift certificates worth 200,000 won per person which should be used in conventional markets.
Given the nation's economy size, the amount of money Samsung will hand out to its employees is not big. However, it can be a meaningful injection into the stagnated domestic market.
Along with inflation, stagnant domestic spending is the biggest problem area the government has been grappling with. Various ideas to stimulate domestic spending were a major topic of heated debate at a recent meeting presided over by President Lee Myung-bak.
Enlivening of the domestic market, however, cannot be realiized with efforts only by the government. Active participation by the entire society is necessary.
So the business circle, especially conglomerates, are urged to actively participate in the revitalization of the domestic market.
The family-run conglomerates called "chaebol" have long been under public fire for involvement in various irregularities, especially their excessive use of legal and other loopholes to inherit wealth.
Revitalizing the domestic market, in part, is the responsibility of those conglomerates which have grown on the turf of domestic market.
Local authorities have been making desperate efforts to revive their markets but it is beyond their capability. In this context, it is very significant that Samsung's decision to help vitalize the domestic market and local economy should be followed by other business groups.
The group reportedly plans to dole out 100 billion won by the middle of September in an effort to encourage its employees and those from its affiliated firms to spend more.
Under the plan, Samsung will give free tourism coupons worth 200,000 won per person to a total of 20,000 employes that can be used during the summer holiday season. Those coupons should be used to buy travel tickets or dine in local restaurants.
The group also plans to purchase farm produce and other local specialties or something to donate to social welfare facilities.
Before the Chuseok, the nation's biggest traditional holiday which falls on Sept. 12 this year, Samsung's employees will receive more gift certificates worth 200,000 won per person which should be used in conventional markets.
Given the nation's economy size, the amount of money Samsung will hand out to its employees is not big. However, it can be a meaningful injection into the stagnated domestic market.
Along with inflation, stagnant domestic spending is the biggest problem area the government has been grappling with. Various ideas to stimulate domestic spending were a major topic of heated debate at a recent meeting presided over by President Lee Myung-bak.
Enlivening of the domestic market, however, cannot be realiized with efforts only by the government. Active participation by the entire society is necessary.
So the business circle, especially conglomerates, are urged to actively participate in the revitalization of the domestic market.
The family-run conglomerates called "chaebol" have long been under public fire for involvement in various irregularities, especially their excessive use of legal and other loopholes to inherit wealth.
Revitalizing the domestic market, in part, is the responsibility of those conglomerates which have grown on the turf of domestic market.
Local authorities have been making desperate efforts to revive their markets but it is beyond their capability. In this context, it is very significant that Samsung's decision to help vitalize the domestic market and local economy should be followed by other business groups.
