Lee Young: "Saudi Investment Minister to Visit Korea Next Month"… Also Reveals Plans for Middle East Expansion (Comprehensive)

Minister of SMEs Attends Women CEO Management Training
"Will Push for Fair Pricing of Services Including Content"
Emphasizes Importance of Women Entrepreneurs... "Expansion of Dedicated Funds"

[Asia Economy Reporter Kim Bo-kyung] Lee Young, Minister of SMEs and Startups, announced that Khalid Al-Faleh, Minister of Investment of Saudi Arabia, will visit Korea in early next month.

He also shared plans to personally visit Saudi Arabia and the United Arab Emirates (UAE) next year along with SMEs and startups.

Minister Lee delivered a keynote speech at the '2022 National Women CEO Management Training' hosted by the Korea Women Entrepreneurs Association held at the Ulsan Exhibition & Convention Center (UECO) on the 26th.

In his keynote, he shared the government's policy directions for SMEs, startups, and small business owners, emphasizing the importance of women's roles in the digital era.

Reflecting on his recent attendance at the 'Startup Summit' held in New York, USA, he said, "Next year, I will visit Saudi Arabia and the UAE," adding, "Before that, the Saudi Minister of Investment will come to Korea in early November."

Earlier, Minister Lee had announced plans to visit the Middle East region around the first quarter of next year to attract investment funds utilizing 'oil money.'

He emphasized the need for close exchanges with the Middle East, stating, "When the economy is difficult, banks start to block corporate funds. At such times, you have to go where the money is."

Additionally, Minister Lee conveyed his intention to promote fairness in intangible knowledge service transactions once the pilot project and legislation for the linked payment system for delivery payments are completed.

He explained, "There are 335 companies participating in the delivery payment pilot project, of which 41 are large corporations. We are currently preparing legislation. A draft will be released in early November, and if the legislation proceeds, the bill could be passed as early as the end of the year."

He continued, "After the linked payment system for delivery payments is completed, we will attempt various measures against unfair trade," adding, "We will work to ensure fair compensation for software, knowledge services, content, and service work."

He also stated, "If Baedal Minjok and Coupang continue with a conflict structure against small business owners, there will be nothing to gain," and announced, "A task force (TF) team will be formed next month to find ways to reduce delivery fees."

The event gathered over 1,000 women entrepreneurs nationwide affiliated with the Korea Women Entrepreneurs Association to build networking and explore ways to strengthen global competitiveness.

Minister Lee emphasized, "The country's economic system is shifting from manufacturing to knowledge services," adding, "To accelerate development, we need to utilize untapped resources. That resource is women."

According to the Ministry of SMEs and Startups, women-owned businesses number 2.95 million, accounting for more than 40% of all businesses, but their sales amount to only 10.4% of the total.

In this regard, Minister Lee stated, "We will expand the women-owned business exclusive fund from 20 billion KRW to around 120 billion KRW by 2024," and added, "We also plan to activate preferential policy funds and special guarantee programs for women-owned businesses."

Meanwhile, Minister Lee expressed his commitment to establishing a new 'Global Regulatory Free Zone' aimed at supporting overseas exports starting next year, along with promoting the distribution of customized smart factories.