Mokpo's Geonmaek Festival Rescued by Citizen Efforts, Set to Resume

The 'Geonmaek 1897 Festival' in Mokpo, South Korea, once on the brink of cancellation due to financial pressures, will now be held this year thanks to the concerted efforts of citizens and new sponsorships. The Geonmaek1897 Cooperative announced that the festival will take place every Saturday from 5 p.m. to 10 p.m. in the dried seafood market area of Manho-dong.

The festival offers unlimited draft beer for a 10,000 won entry fee and sells dried seafood at discounted wholesale prices. It also features entertainment such as a beer king competition and street performances. The event is designed to revitalize the city's old downtown area and was voluntarily started by merchants in 2019. The cooperative was established the following year, and they secured 470 million won in loans from a regional asset revitalization project to purchase a building, creating a 'village pub' and accommodation facilities.

However, the cooperative faced significant financial strain as loan interest rates rose from 1.74% to over 5% after the initial two-year agreement period, resulting in monthly interest payments of 3 to 4 million won. This financial hardship threatened the festival's continuation.

In response to the news of the budget shortage, the youth enterprise 'Gwaenchanha Village' stepped in. They successfully secured sponsorship from MG Saemaul Undong, and further support is expected from entities like Kakao by the end of July. Hong Dong-woo, CEO of 'Gwaenchanha Village' and a member of the cooperative, emphasized the festival's importance as a unique regional asset for Mokpo. "Our goal is to strengthen the cooperative financially by enhancing revenue-generating activities and continue holding the festival," he stated.

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Our goal is to strengthen the cooperative financially by enhancing revenue-generating activities and continue holding the festival.