Prime Minister Kim at SME Meeting: "We Will Remove Excessive Domestic Regulations Compared to Overseas"

Prime Minister Kim Boo-kyum is speaking at a meeting between small and medium-sized enterprises held on the afternoon of the 10th at the Korea International Trade Association conference room in Gangnam-gu, Seoul. Photo by Yonhap News

[Sejong=Asia Economy Reporter Son Seon-hee] Prime Minister Kim Boo-kyum said on the 10th, "From this month, if there are excessive domestic regulations compared to overseas, we will eliminate them," adding, "The government will actively support small and medium-sized enterprises (SMEs) and mid-sized companies to help them enter the global market and create jobs."

On the afternoon of the same day, Prime Minister Kim held a meeting with representatives of SMEs and mid-sized companies at the Korea International Trade Association in Gangnam-gu, Seoul, under the theme of "Promoting Global Market Entry and Job Creation." He stated, "To restore corporate vitality and secure competitiveness, we will introduce a regulatory challenge system starting in June." The regulatory challenge system is a program where the private sector and government jointly discuss and improve excessive regulations by comparing domestic regulatory levels with major foreign countries, aiming to meet international standards for corporate regulations.

Prime Minister Kim also emphasized, "SMEs and mid-sized companies are the strongest pillars creating new markets and jobs," and expressed his intention to actively support their entry into overseas markets, stating, "The core task of our economy is job creation, and quality jobs can be created when we pioneer overseas markets through continuous innovation." He further urged, "Youth unemployment and workforce mismatch are issues that must be resolved, so please gather wisdom to ensure that export growth leads to job creation."

Attendees at the meeting included Choi Myung-bae, Chairman of Exicon Group; Song Ho-geun, Chairman of YG-One; Park Seok-won, CEO of Techross; Park Sang-il, CEO of Park Systems; Kim Eun-sun, Chairwoman of Boryung Holdings; Yoon Sung-tae, CEO of Huons Global; Park Sang-gyun, CEO of MyEdu; Choi Byung-oh, Chairman of Fashion Group Hyungji; and Baek Soon-seok, CEO of Sharp Technics K.

From the government side, Deputy Ministers Park Jin-gyu of the Ministry of Trade, Industry and Energy, Park Hwa-jin of the Ministry of Employment and Labor, Kang Seong-cheon of the Ministry of SMEs and Startups, Vice Chairman Do Gyu-sang of the Financial Services Commission, Chief of Staff Oh Young-sik of the Prime Minister’s Secretariat, Second Deputy Secretary Yoon Chang-ryeol, and Deputy Minister Han Hoon of the Ministry of Economy and Finance attended the meeting.