South Korea's Ministry of Economy and Finance set out measures to develop tourism, exhibitions and K-beauty services as additional growth engines alongside semiconductors. The package aims to increase regional activity and employment through a sector that accounted for 61.9% of value added and 71.6% of employment in 2024. The government also called for the proposed Framework Act on Service Industry Development to be enacted by the end of 2026. The government will support five tourism zones centered on regional airports, targeting 5 million arrivals by 2029 and allocating about KRW 410 billion in national and local funding in 2027. It will consider regulatory exemptions and test artificial intelligence solutions for transport, language and other visitor difficulties. By 2030, the government also plans to develop at least five flagship national and regional exhibitions. K-beauty measures include restructuring the national skin data bank for AI training, allowing one customized cosmetics manager to oversee multiple stores, doubling the number of stores accepting standard QR payments to 80,000 in 2027 and training 1,900 specialists annually. Visa procedures for medical and wellness tourists will be eased under a joint pilot in the first half of 2027, while overseas expansion support will be extended to beauty services. The Korea Grand Festival will run from Oct. 29 to Nov. 15, offering a 10% discount on digital Onnuri gift certificates, a KRW 1.7 billion consumption lottery and discounts of up to 50% on agricultural, livestock and fishery products. Separately, the government reviewed its 11th petroleum maximum price designation in response to renewed Middle East tensions. The price level will be announced at 6 p.m. on Oct. 16 and take effect at midnight on Oct. 17.

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