The South Korean government has announced a series of measures to boost tourism and domestic demand. President Yoon Suk Yeol presided over an emergency meeting on economic and public livelihood matters, during which the measurements were announced. South Korea aims to attract 10 million foreign tourists this year and revitalise the economy following the sharp drop in visitor numbers caused by the COVID-19 pandemic.

The Ministry of Economics and Finance plans to temporarily exempt visitors from 22 nations from mandatory online travel permits and transit visa requirements. The nations impacted include the US, Canada, Japan, Singapore, Taiwan, Hong Kong, Macau, and Britain.

In addition to the visa-waiver measures, the government plans to give discounts and subsidies to domestic travellers, increase international flight numbers, and host large-scale events related to K-pop, shopping, food, and cultural items. The country also plans to ease visa issuance conditions for group visitors from Vietnam, the Philippines, and Indonesia and create new visa programs for high-income foreigners and young people.

To encourage South Koreans to travel domestically, the government will provide discount coupons for accommodation fees and offer subsidies for local trips to workers affiliated with small and midsized firms. Railroad fares will be lowered, and discount coupons will be provided for major tourist attractions. The government will allocate KRW 60 billion for these measures, including tax deductions for spending on books, art performances, cultural events, and purchases at traditional markets.

During the global economic slowdown, South Korea’s economy has struggled with weak private spending and dwindling exports. The Bank of Korea forecasted the country’s economy to grow by 1.6% this year. The government hopes these measures will encourage spending and help revive the economy.