'4th Anniversary of Launch' Ministry of SMEs and Startups Opens Sejong Era "Will Become an Icon of Challenge and Innovation" (Comprehensive)

President Moon: "The Ministry of SMEs and Startups shows the government's strong will to place SMEs and small business owners at the center of the economy"
Former Ministers Hong Jong-hak and Park Young-sun, Yoo Chang-moo, Chairman of the Korea Federation of SMEs, attend plaque unveiling ceremony
Minister Kwon: "The government's only new ministry will establish itself as an icon of challenge and innovation"

The Ministry of SMEs and Startups held a plaque unveiling ceremony on Monday, July 26, at the Sejong Government Complex, marking its 4th anniversary since establishment and 23 years since its inception as the Small and Medium Business Administration. Photo by the Ministry of SMEs and Startups

[Asia Economy Reporter Kim Heeyoon] On the 26th, the Ministry of SMEs and Startups (MSS) held a plaque unveiling ceremony at the newly relocated Sejong Government Complex, marking the 4th anniversary of its establishment and 23 years since it was launched as the Small and Medium Business Administration.

The ceremony was attended by Im Seojung, Senior Secretary for Jobs, Kwon Chilseung, Minister of MSS, Kang Seongcheon, Vice Minister of MSS, former ministers Hong Jonghak and Park Youngsun, and Yoo Changmoo, Chairman of the Korea Federation of SMEs.

President Moon, in a special message, stated, “The launch of the Ministry of SMEs and Startups was a strong government commitment to foster innovative ventures, revitalize our economy’s dynamism, and place SMEs and small business owners at the center of our economy.” He added, “This commitment has materialized into achievements over four years, such as surpassing 4 trillion won in venture investment and recording the highest ever SME exports.”

He continued, “The four rounds of disaster relief funds and business stabilization loans provided to small business owners affected by unavoidable quarantine measures due to the spread of COVID-19 were smoothly facilitated through the dedicated efforts of the Ministry of SMEs and Startups.”

Minister Kwon Chilseung of MSS said, “It is a joyous day for our ministry to establish a new home in Sejong City and simultaneously celebrate its 4th anniversary.” He added, “As the only newly established ministry under the Moon Jae-in administration, we are approaching a critical time to be evaluated for our efforts and achievements, and we will do our best to produce results and grow as an institution.”

Former ministers Hong Jonghak and Park Youngsun, along with Chairman Yoo Changmoo of the Korea Federation of SMEs, also attended to celebrate the relocation of the MSS office.

In particular, former Minister Park Youngsun, who pushed for and decided on the relocation to Sejong, said, “Before the establishment of the Ministry of SMEs and Startups, there were many pains amid conflicts between large corporations and SMEs. Over time, SMEs, venture companies, and startups have emerged as the true protagonists of the digital and 4th industrial revolution era, with the Ministry of SMEs and Startups becoming their champion.” She added, “Despite the COVID-19 situation, South Korea recorded the highest exports and growth among OECD countries, and the Ministry of SMEs and Startups has become a ministry that presents the future vision for such an era.”

The Ministry of SMEs and Startups was elevated from the Small and Medium Business Administration in 2017, when the Moon Jae-in administration took office. It ambitiously started with the goal of balanced growth among large corporations, SMEs, ventures, and small business owners, moving away from a large corporation-centered economic structure.

With the relocation to the Sejong Government Complex, the Ministry plans to strengthen its policy capabilities by enhancing the overall coordination function of SME policies across all ministries, developing mid- to long-term policies for SME future preparedness, and establishing a big data-based policy development system.

The relocation to Sejong began with the submission of a letter of intent to the Ministry of the Interior and Safety in October last year, followed by public hearings and consultations with related ministries, with the relocation plan finalized in January this year. The move took place over three days from the 12th to the 14th.

The MSS office built in Eojin-dong, Sejong City, is distinctively designed with the themes of ‘Innovation’ and ‘Fun,’ reflecting a young and innovative institutional image, unlike typical government offices.

Minister Kwon Chilseung said, “With the opening of the Sejong era for the Ministry of SMEs and Startups, we will do our best to meet the expectations of small business owners and the SME startup community.” He added, “The newly established MSS office was designed to break away from the stagnant image of public institutions and to create a space where employees can think and work creatively and innovatively.”

Minister Kwon also visited small business owners such as cafes and restaurants that had already moved into the MSS building, distributing ‘moving celebration rice cakes’ and saying, “We will do our best to restore the economic sentiment of small business owners to pre-COVID-19 levels.”

In response to the president’s special message and visits from former ministers, MSS employees expressed, “We feel proud of the Blue House’s message recognizing our hard work as we enter the Sejong era on the 4th anniversary of our ministry’s elevation. Although busy and challenging due to the Hope Recovery Fund support, we are committed to fulfilling our mission with dedication.”

Meanwhile, from August last year to June this year, the Ministry of SMEs and Startups will inject approximately 4.22 trillion won in supplementary budgets to support small business owners affected by the prolonged social distancing measures. Small business owners subject to gathering bans will receive up to 20 million won, those under business restrictions up to 9 million won, and businesses in industries with a sales decline rate of 10% or more will receive up to 4 million won in Hope Recovery Funds.