Finance Minister Bahk Jae-wan on Wednesday visited a wet market with representatives of business groups, making a timely move to coordinate with the private sector to revive sagging domestic demand.

The visit to Sooyu Traditional Market in northern Seoul, along with ruling Grand National Party leader Hong Jun-pyo and Huh Chang-soo, chairman of the Federation of Korean Industries, is aimed at promoting the use of the wet market, seen symbolic to reviving the domestic consumption.

Bahk welcomed FKI’s participation in promoting the use of wet markets and encouraged merchants working in tough conditions.

“Traditional markets play an important role in spurring domestic consumption and they need to be rejuvenated to support the economy,” Bahk said during his visit.

Huh, also the chairman of energy and construction giant GS Group, vowed to purchase 15 billion won ($14.1 million) more of wet market coupons this year and circulate them.

The government in June announced plans to stimulate domestic demand, which included moving the work schedule for public sector jobs back by one hour and supporting more mom-and-pop stores.

The FKA is the biggest business lobby group that represents the interests of more than 600 corporations in the country.

By Cynthia J. Kim (cynthiak@heraldcorp.com)