Choi Seung-jae, President of the Korea Federation of Micro Enterprises, Resigns... 'Countdown to General Election Candidacy'

On the 25th, at the '7th Regular General Meeting of the Small Business Association' held at the Small Business Association in Dongjak-gu, Seoul, Chairman Choi Seung-jae is announcing his intention to resign during the closing remarks. Photo by the Association provided

[Asia Economy Reporter Moon Hyewon] Choi Seung-jae, chairman of the Korea Federation of Micro Enterprises, abruptly resigned on the 25th.

At the 7th regular general meeting of the Korea Federation of Micro Enterprises held on the 25th at the Federation's office in Dongjak-gu, Seoul, Chairman Choi announced his sudden resignation, stating, "I will move forward to pioneer a new path that may become a wilderness, putting everything on the line."

Chairman Choi said, "It is a time when greater efforts than ever are needed to create a policy environment that prioritizes micro enterprises," adding, "I will take a new step for a new turning point in the micro enterprise movement."

Choi was elected as the inaugural chairman of the Korea Federation of Micro Enterprises in 2015 and was re-elected in 2018. His original term was until March next year. Since last year, he has expressed his intention to participate in practical politics, advocating for the political empowerment of micro enterprises, and there had been speculation about his voluntary resignation ahead of the general election in April.

Although Chairman Choi did not disclose specific plans regarding political activities such as preparing for the general election, he is expected to announce additional positions on his future course within this week.

The Federation will temporarily operate under the authority of Acting Chairman Kim Im-yong, the senior vice chairman.

Meanwhile, at the regular general meeting held that day, the 2019 settlement of accounts, the 2020 budget, and the business plan were unanimously approved.