Minister of SMEs and Startups Candidate Kwon Chil-seung: "Need to Introduce Loss Compensation System... There Will Be Many Debates"

First Day Preparing for the Hearing... Focus on Small Business Measures
"We Will Make the Ministry of SMEs That Resonates with Those in Difficulty"

Minister of SMEs and Startups nominee Kwon Chil-seung is answering questions from the press as he arrives for his first day at the hearing preparation office set up at the Small and Medium Business Technology Information Promotion Agency in Yeouido, Seoul, on the 22nd. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporters Kim Bo-kyung and Lee Jun-hyung] Kwon Chil-seung, nominee for Minister of SMEs and Startups, stated on the 22nd, "The loss compensation system itself needs to be introduced," adding, "There will be much debate about the level and method of implementation."

Nominee Kwon made these remarks on his way to the hearing preparation office set up at the Small and Medium Business Technology Information Promotion Agency in Yeouido, Seoul, that morning.

When asked by reporters about his stance on the currently controversial loss compensation system, Kwon responded, "I believe the loss compensation system itself needs to be introduced." However, he added, "There will be much debate about the level and method of implementation."

Kwon is expected to focus on measures for small business owners and self-employed individuals affected by the COVID-19 pandemic, including the loss compensation system.

He said, "I have scheduled a briefing on small business-related matters as the first item," adding, "It is a bit early to speak before taking office, but I will share detailed opinions during the hearing."

Regarding the direction of the hearing preparation, he said, "Many people are involved in small businesses and traditional markets. We will calmly and meticulously prepare for the hearing by including measures to resolve their difficult challenges."

Nominee Kwon expressed his ambition, saying, "Although the Ministry of SMEs and Startups is a newly established department, its budget has increased significantly and its status has risen. I will deliver tangible results, visit the field, and make the ministry one that resonates with those facing difficulties."

In response to opposition criticism that this cabinet reshuffle is dominated by pro-Moon Jae-in figures, he said, "I am well aware of such criticism," adding, "If appointed, I will carefully consider these aspects, be cautious in my words and actions, and be more devoted to my duties."