This year's Korea Sale Festa, set to kick off on Nov. 1 for a 15-day run, will see a record-high number of participating companies. Pictured here is the major Seoul shopping district of Myeong-dong during last year's sale. (Yonhap News)

By Kim Hyelin and Lee Hana

Korea Sale Festa, a nationwide shopping extravaganza featuring major retailers, manufacturers and traditional markets, will kick off this year on Nov. 1 for a 15-day run.

The Ministry of Trade, Industry and Energy and the event's organizers on Oct. 23 said a combined 1,328 companies were slated to participate as of Oct. 21, nearly double last year's figure of 704 and the highest number since the festival's launch in 2016.

The number of participating manufacturers of consumer goods like cars, apparel, electronics and cosmetics will be more than double that in last year's event.

All 17 cities and provinces in the country will also participate, making the festival a truly nationwide event.

Sales promotions are also expected to encourage consumers abroad to buy Korean goods and boost exports.

Minister of Trade, Industry and Energy Sung Yun-mo told a meeting with the event's organizers, "With signs of consumer spending picking up amid a downturn in the number of COVID-19 infections, an event that encourages spending and involves consumers, companies, and the central and local governments is more important than ever."

"The government will try to mobilize all possible policy tools and resources, including a cut in the individual consumption tax on cars, to make the shopping festival an opportunity to help the struggling economy turn around."

kimhyelin211@korea.kr