Visitors on Oct. 28 flock to the opening sales event of the Korea Grand Festival at National Asian Culture Center in Gwangju's Dong-gu District. (Yonhap News)

By Koh Hyunjeong

The Korea Grand Festival, or the country's version of Black Friday, kicked off on Oct. 29.

Held for 12 days online and offline nationwide through Nov. 9, this large-scale consumption extravaganza features the participation of central government agencies, local governments, retailers, small and medium enterprises, and small business owners.

Ten government branches including the Ministry of SMEs and Startups, Ministry of Economy and Finance, and Ministry of Trade, Industry and Resources are promoting the event, buoyed by 80 distribution channels and some 37,000 businesses.

A maximum 40% discount on ingredients for making kimchi and up to half off hanwoo (premium domestic beef) are offered over the event period. Foods such as convenience store lunchboxes are also available at lower prices.

The deals extend to cars and electronic devices. Five automakers such as Hyundai Motor and Kia Corp. are offering their highest discounts of the year.

Samsung Electronics and LG Electronics also have sales. Retailers including hypermarkets, department stores and home shopping channels are offering up to 50% off through promotions.

In culture and tourism, the government will issue up to of 870,000 coupons for discounts on accommodations with a maximum value of KRW 50,000 each. Admission to the palaces of Gyeongbokgung, Changdeokgung, Changgyeonggung and Deoksugung, Jongmyo Shrine in Seoul and Royal Tombs of the Joseon Dynasty is free during the festival period.

Twenty-six duty-free stores nationwide also offer up to a 50% discount for foreign tourists.

hjkoh@korea.kr