[THE INVESTOR] A large-scale shopping-hallyu festival will be held in September to boost domestic consumption, the government said on June 21.

The Ministry of Culture, Sports and Tourism and the Ministry of Trade, Industry and Energy said that a government-private sector committee on the event has been formed and its first meeting was held on June 21. 

The event, titled Korea Sale FESTA, will be held from Sept. 29 through Oct. 31. According to the ministries’ description, the event combines the Korea Grand Sale and Korea Black Friday events held last year. The event will also include hallyu performances, the ministries said.

For the new event, manufacturers of electronics and other goods have been recruited in an attempt to address issues that arose regarding the Korea Black Friday event last year. With only retailers taking part in last year’s event, the Korean version of Black Friday fell far short of the original US event.

Korea Grand Sale, which is aimed at foreign consumers, will be held from Oct. 1 to Oct. 31. During the period, foreign tourists will be given discounts on a range of services including entertainment, shopping and transport.

By Choi He-suk (cheesuk@heraldcorp.com)