[Asia Economy Reporter Jeon Jinyoung] Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, announced on the 24th that he will significantly expand government venture investments to promote the growth of small and medium-sized enterprises (SMEs) and induce the establishment of 300,000 technology-innovation-type startups annually.
On the afternoon of the same day, Lee visited the Korea Federation of SMEs and announced four major visions for SME policies, stating, “With a transformative fair growth strategy, we will build a strong economy led by SMEs and establish a fair safety net for SMEs.”
The four major visions include ▲establishing a fair transaction order between large and small-medium enterprises ▲building an economy strong in SMEs ▲significantly expanding government venture investments and creating large-scale funds ▲enhancing the competitiveness of small business owners and traditional markets through field-centered support.
Lee said, “Like the New Deal during the Great Depression, we must turn the crisis of a great transformation into an opportunity for growth through massive government investment,” and emphasized, “A market order of free creativity and innovation cannot be established without fairness,” expressing his determination to establish a fair market order.
He particularly stressed the importance of startup investment, pledging to greatly expand government venture investments such as the Startup Solidarity Fund and set a goal of achieving 300,000 technology-innovation-type startups annually. He also announced plans to create a mega tech fund to nurture decacorn companies (companies valued at over 10 trillion KRW).
He further stated that he will fundamentally prevent technology theft from SMEs and introduce a delivery price linkage system to block unfair subcontracting trade practices.
Additionally, he pledged to improve wages and welfare levels for SME workers and to focus on supporting digital capability enhancement.
As support measures for small business owners and traditional industries, he proposed easing rental burdens for tenant merchants, improving franchise permit management and contract systems, and expanding the Yellow Umbrella Mutual Aid and welfare projects.
Lee emphasized, “I will prove that respect for labor and respect for enterprises can coexist,” and stressed, “True pro-business policies are fairness, not collusion, and I will demonstrate this through action.”
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