President Yoon Suk Yeol pledged to support small business owners and the self-employed in both the short and long term as they strive to overcome difficulties due to the pandemic.

Presiding over an emergency economic meeting at a local traditional market on Thursday, Yoon said helping small businesses and the self-employed overcome declining sales and increasing debt is the reason for the state and government's existence.

In the short term, the president promised to assist businesses with debt adjustment and a quick recovery through a contingency plan, while creating conditions necessary for such businesses to gain a competitive edge in the mid to long term.

Yoon more specifically pledged to support merchants to create local brands that reflect regional characteristics and launch projects that will facilitate commercial development.

Referring to an online platform guild established by merchants from the market, the president promised to assist all sellers adopt related technologies to better adjust to the changing retail environment.