Small and Medium Enterprises Alarmed by the Three Corporate Regulation Laws and Serious Accident Punishment Act... "Proactive Response to Regulations"

Korea Federation of SMEs Launches Regulatory Reform and Policy Council for Small and Medium Enterprises

[Asia Economy Reporter Kim Bo-kyung] The Korea Federation of SMEs announced on the 24th that it held the inaugural meeting of the SME Regulatory Reform and Policy Council on the 22nd at the Federation of SMEs in Yeouido.

Going forward, the council plans to identify "bulk regulations" such as regulations that hinder the revitalization of SME cooperatives.

By distinguishing the severity of regulations and difficulties, the council will systematically operate through a five-stage regulatory consultation process involving government ministries, the Regulatory Reform Promotion Team, the SME Ombudsman, the Public-Private Regulatory Innovation Policy Council, the Blue House, and the National Assembly.

The council is led by Seo Seung-won, the full-time vice chairman, as team leader, with Chu Moon-gap, head of the Economic Policy Headquarters, serving as the general secretary.

Additionally, it is composed of four senior policy department heads from the Federation of SMEs (Choi Mu-geun, Director of the Cooperative Policy Office; Kim Hee-jung, Director of the Policy General Office; Kang Hyung-duk, Director of the Manufacturing Innovation Office; and Yang Ok-seok, Director of the Human Resources Policy Office), and plans to hold meetings twice a month.

At the meeting, the council reviewed last year's achievements in improving SME regulations as an agenda item in the regulatory field. It also agreed on 13 agendas for this year's SME regulatory reform, including procurement regulation innovation, expansion of factory sites, and startup support. As for policy issues, major current issues in the SME sector were discussed.

Seo Seung-won, full-time vice chairman of the Federation of SMEs, said, "Recently, regulations that tighten businesses, such as the three corporate regulation laws and the Serious Accident Punishment Act, have increased, continuously worsening the business environment."

He added, "We hope the council will proactively respond to the increasingly complex and diversified SME regulatory and policy issues and contribute to improving the business environment for SMEs."