Deputy Prime Minister Choo Kyung-ho Meets with SMEs to Hear Proposals... Kim Ki-moon "Expecting Private Sector-Led Growth"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is presiding over the Fair Election-Related Ministers' Meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 17th. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kim Bo-kyung] On the 18th, small and medium-sized enterprise (SME) representatives met with Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho to voice their field difficulties and present various policy proposals.

Deputy Prime Minister Choo visited the Korea Federation of SMEs in Yeouido, Seoul, for a dialogue with SME representatives. This was his first meeting with an economic organization since taking office. The meeting was arranged to listen to the challenges faced by the industry amid the prolonged COVID-19 pandemic and to explore policy directions for SMEs.

From the government side, Deputy Prime Minister Choo was joined by Woo Hae-young, Director General of Policy Coordination at the Ministry of Economy and Finance, and Byun Tae-seop, Director of the SME Policy Office.

Representatives from the SME sector included Kim Ki-moon, President of the Korea Federation of SMEs; Lee Jeong-han, President of the Women Entrepreneurs Association; Kang Sam-kwon, President of the Venture Business Association; Jeong Hyun-sik, President of the Franchise Industry Association; Lim Byung-hoon, President of the Innobiz Association; and Seok Yong-chan, President of the Korea Management Innovation SME Association, among others representing various industries.

During the SME meeting, 11 on-site proposals and 3 written proposals were delivered to Deputy Prime Minister Choo.

The Women Entrepreneurs Association requested tailored policy fund support to promote digital innovation transformation and startup activation for women-owned businesses. The Venture Business Association proposed the establishment of a 'National Innovation Council' under the President’s direct control to mediate conflicts between traditional and innovative industries.

Other proposals included the establishment of dedicated R&D and funds for scaling up innovative SMEs (Innobiz Association), the introduction of a delivery price linkage system (Korea Fastener Industry Cooperative), and the construction of fulfillment and integrated IT networks for small business owners (Korea Supermarket Cooperative Federation).

They also suggested regulatory relief measures to activate SME succession, including the three major labor regulations: the 52-hour workweek system, minimum wage, and the Serious Accident Punishment Act.

President Kim Ki-moon stated, "Many SMEs resonate with and expect the new government’s policy direction to lead private-sector growth through bold regulatory innovation," adding, "We hope that regulations hindering businesses will be boldly improved to create an environment where entrepreneurship is enjoyable."