The plan was endorsed by a ministerial meeting chaired by Finance Minister Yoo Il-ho.

During the special bargain sales event, major retailers and manufacturers will offer discounts on various items such as electronics, clothing and cosmetics.

A variety of cultural and entertainment events will be also held across the country, with special discount programs on shopping, accommodation and transportation for foreign shoppers.

This year's festival is the third of its kind since the government initiated a shopping festival called "Korea Grand Sale"

in 2015 as part of efforts to prop up the national economy hit hard by the Middle East Respiratory Syndrome outbreak. (Yonhap)