Yoon: "26 Trillion Won Support for Small Business Owners and Self-Employed, Will Be Swiftly Executed Upon Supplementary Budget Approval"

2022 Korea Small and Medium Business Conference Held at Presidential Office Lawn Plaza

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] President Yoon Suk-yeol stated on the 25th, "We will promptly execute the supplementary budget, which includes 26.3 trillion won in support funds for small business owners and self-employed individuals, as soon as it passes the National Assembly."

President Yoon said this during his encouragement speech at the 2022 Korea Small and Medium Business (SMB) Conference held at the lawn square of the Yongsan Presidential Office at 6 p.m., adding, "We will fully compensate the losses of small business owners and help SMBs enter future new growth industries by expanding research and development (R&D) investments and increasing R&D tax credit benefits for SMBs."

President Yoon Suk-yeol also praised the efforts of small and venture businesses, which have become the backbone of the Korean economy despite complex challenges and crises such as the COVID-19 pandemic, supply chain restructuring, and climate change.

This event is the first large-scale event held at the lawn square of the Presidential Office since its relocation to Yongsan. About 520 people attended, including Kim Ki-moon, Chairman of the Korea Federation of SMEs; Oh Se-hee, Chairman of the Korea Federation of Micro Enterprise; Kang Sam-kwon, Chairman of the Korea Venture Business Association; Lee Jae-yong, Vice Chairman of Samsung Electronics; Choi Tae-won, Chairman of SK Group and Chairman of the Korea Chamber of Commerce and Industry; Chung Eui-sun, Chairman of Hyundai Motor Group; Koo Kwang-mo, Chairman of LG Group; Shin Dong-bin, Chairman of Lotte; and other heads of Korea’s five major conglomerates.

Since its first opening in 1969, the SMB Conference, now in its 33rd year, was held to encourage small and venture businesses and micro-enterprises that have been central to job creation and innovative growth amid the COVID-19 crisis, and to pledge the construction of a prosperous Korea through fairness and coexistence between large and small businesses, according to the Presidential Office.

The day’s program included awards for distinguished SMBs and related personnel (93 honors including orders, medals, and commendations), a large and small business win-win performance (handprinting), and an encouragement banquet.

By inviting economic leaders such as the heads of the five major conglomerates first, the event embodied the will to get closer to the people and reflected the Yoon administration’s national philosophy of a "dynamic economy led by the private sector and supported by the government." Accordingly, the venue was arranged and organized without being bound by formalities or protocol to allow free and informal dialogue with businesspeople. In particular, the stage height for award presentations and announcements was significantly lowered so that the president could communicate more closely with the business leaders.

The encouragement banquet following the SMB awards and win-win performance was not a typical course menu but a buffet featuring specialties from eight provinces nationwide. It included traditional rice cakes for moving into a new office and a cake shaped like the Yongsan Presidential Office to continue the atmosphere of communication and harmony and to commemorate the office relocation.

Notably, at each banquet table, ministers from various departments including the Deputy Prime Minister for Economy and the Minister of SMEs and Startups, as well as the Chief Presidential Secretary and five Senior Secretaries, sat together to provide opportunities for close and informal communication with businesspeople. They listened to various difficulties and suggestions from SMBs, allowing time to reflect on the new government’s policy message, "SMBs again! Korea again!"

A small business representative who attended the event said, "I am pleased to visit the new presidential office building, which I had only heard about before." Another SMB representative shared, "Although I have attended the SMB Conference for several years, this was the first time I saw the president so closely and had deep conversations about business sites with various ministers."