Lee Young's First On-Site Visit After Inauguration... "Will Form a TF to Introduce a Delivery Price Linkage System"

Minister Lee Young of the Ministry of SMEs and Startups Visits Tongin Market in Seoul on the 25th
"Loss Compensation Will Be Promptly Provided Upon Supplementary Budget Approval"
"SME Convention, an Encouraging Image of Coexistence and Harmony"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] Lee Young, Minister of the Ministry of SMEs and Startups, stated that once the supplementary budget including 23 trillion won worth of loss compensation for small business owners passes the National Assembly, the payment procedures will commence immediately. He also conveyed that a task force (TF) team will be formed to devise plans for introducing the delivery price linkage system.

As his first official activity after taking office on the 25th, Minister Lee visited Tongin Market in Jongno-gu, Seoul, to listen to on-site voices regarding the loss compensation system and to encourage merchants struggling due to COVID-19.

Speaking to the press, he said, "The plenary session for the passage of the supplementary budget is scheduled for this Friday (27th). Once the supplementary budget passes, we will follow all processes to make payments at the earliest possible time."

Regarding concerns that the supplementary budget might fuel inflation, he responded, "I am aware of concerns that large-scale funding releases could accelerate inflation, especially as raw material and energy prices rise alongside currency fluctuations. We need to focus on those who are suffering in the short term and address this issue in the medium term."

On his impressions after visiting the traditional market site, he said, "I felt reassured hearing that the commercial district is reviving in conjunction with the opening of the Blue House. While this place is relatively doing well thanks to tourism benefits, there are other places that are not, so I think I need to visit various locations."

[Image source=Yonhap News]

Regarding the introduction of the delivery price linkage system, Minister Lee said, "We will internally form a TF team. Negotiations on delivery prices will definitely be included in contracts, and if an agreement is reached, an annex agreement will be attached to specify the details."

However, he added, "I also agree with the major principle of leaving it to market autonomy. It could cause other problems if the government designates what percentage is appropriate for delivery prices depending on the item."

About the 'Small and Medium Enterprise Conference' held in front of the Yongsan Presidential Office in the afternoon, he evaluated, "It is very symbolic that the first event after moving the presidential office to Yongsan was organized together with small and medium enterprises, venture companies, and small business owners."

He continued, "As the Minister of SMEs and Startups, I am very grateful. It is very encouraging as it signifies coexistence and harmony, with small and medium ventures and small business owners moving forward together with large corporations that have traditionally driven our country’s economy."