"This Is My First Time at Such an Event"...SME Owners Oppressed by Regulations See Hope in New Government

2022 SME Entrepreneurs Conference Attended by Yoon
Creating a Platform for Cooperation and Harmony Between Large and Small Businesses
"Revitalizing Entrepreneurs' Spirit and Inspiring Courage"

[Image source=Yonhap News]

The Small and Medium Business (SMB) Entrepreneurs Conference held this year at the Yongsan Presidential Office building was an occasion that uplifted the spirits of entrepreneurs who had long been burdened by various regulations. Small and venture business owners engaged in candid communication and fostered harmony with President Yoon Suk-yeol and representatives from large corporations. It was also the first step in the government's policy direction focusing on voluntary coexistence between large and small-to-medium enterprises.

The Ministry of SMEs and Startups and the Korea Federation of SMEs held the ‘2022 Korea SMB Entrepreneurs Conference’ on the 25th at the lawn plaza in front of the Presidential Office in Yongsan-gu, Seoul. Marking its 33rd year, this event was the first economic organization event held at the Presidential Office building since the new government took office.

About 550 people attended, including President Yoon, Kim Ki-moon, Chairman of the Korea Federation of SMEs, Lee Jeong-han, President of the Korea Women Entrepreneurs Association, Kang Sam-kwon, Chairman of the Korea Venture Business Association, Oh Se-hee, President of the Korea Federation of Micro Enterprise, as well as heads of the five major conglomerates and other entrepreneurs. Judging from the remarks of attendees, the event proceeded in a consistently warm and friendly atmosphere. Despite the rainy weather, President Yoon spent about 30 minutes moving from table to table, taking selfies and exchanging greetings. Attendees unanimously said, "The president’s informal, approachable, and friendly demeanor was impressive," and "It felt good to be back in the spirit of entrepreneurship after a long time."

[Image source=Yonhap News]

Kang Sam-kwon, Chairman of the Korea Venture Business Association, said, "It was a barrier-free event," and added, "This was the first time we had a president and an event like this." He conveyed, "President Yoon went around every table encouraging entrepreneurs," and "He also said, ‘Yongsan is always open, so it would be good to communicate and talk.’" Lee Jeong-han, President of the Korea Women Entrepreneurs Association, also said, "The president created a comfortable atmosphere where entrepreneurs could say whatever they wanted," and "It was nice to see him attentively listening to every word." She added, "Entrepreneurs, who had been burdened by various labor regulations such as the 52-hour workweek and the Serious Accident Punishment Act, seemed to have found new expectations and hope in the new government."

The event emphasized voluntary coexistence and harmony in the private sector. This was evident in President Yoon inviting the heads of the five major conglomerates, including Samsung and Hyundai, for the first time at an SMB entrepreneurs event. Small and venture business owners met with representatives from large corporations they do business with to discuss their operations. The heads of major SMB and venture business organizations and the five major conglomerate leaders conducted a hand-printing ceremony together, pledging, "Small and large enterprises will create a prosperous Korea together through fairness and coexistence." This reflects the new government’s policy direction, which focuses on moving away from regulatory omnipotence, respecting market order, and enhancing private sector autonomy. Although Kim Ki-moon, Chairman of the Korea Federation of SMEs, intended to emphasize the introduction of a delivery price linkage system?a long-standing wish of the SMB sector?in his opening remarks, he ultimately excluded it from the final agenda after careful consideration.

Lee Young, Minister of SMEs and Startups, described the event as "very grateful as a minister," and said, "It is very encouraging as it symbolizes coexistence and harmony, where small and venture businesses and micro-enterprises move forward together with large corporations, the main drivers of our country’s economy, as dynamic economic agents."