'Kim Seong-won, Hong Seok-jun, Kim Han-jung, Hong Ik-pyo' Best Parliamentarians Supporting SMEs

Korea Federation of SMEs Awards 4 Recipients
Kim Ki-moon: "Strengthened Practical Support for Small and Medium Enterprises"

Politicians who contributed to the development of small and medium-sized enterprises (SMEs) this year were selected as Kim Seong-won and Hong Seok-jun from the People Power Party, and Kim Han-jung and Hong Ik-pyo from the Democratic Party of Korea.

On the 21st, the 2024 budget bill was passed at the National Assembly plenary session.
[Photo by Yonhap News]

The Korea Federation of SMEs announced on the 25th that it selected and awarded the ‘Best National Assembly Members Supporting SMEs’ who contributed to the protection of rights and development of SMEs this year.

Assemblyman Kim Seong-won, serving as the People Power Party’s secretary on the National Assembly’s Industry, Trade, Energy, and Venture Businesses Committee, took the lead in proposing the enactment of the ‘Act on Promotion of Productivity Improvement of SMEs.’ This laid the foundation for the government to establish policies aimed at closing the productivity gap between large and small-to-medium enterprises. He also amended the ‘Act on the Promotion of Mutual Growth between Large Enterprises and SMEs’ to increase the cap on punitive damages for infringement of SME technology and trade secrets, thereby ensuring effective relief for damages.

Assemblyman Hong Seok-jun, who was the chairman of the People Power Party’s Special Committee on Regulatory Reform Promotion, received high praise for his contributions to improving the business environment for SMEs. Through amendments to the ‘Inheritance Tax and Gift Tax Act,’ he removed restrictions on changing business types during business succession and extended the installment payment period for advance gifts to 20 years, supporting smooth business succession for SMEs.

Assemblyman Kim Han-jung, serving as the Democratic Party’s secretary on the National Assembly’s Industry, Trade, Energy, and SMEs Committee, amended the ‘Act on the Promotion of Mutual Growth between Large Enterprises and SMEs.’ He enhanced the effectiveness of damage relief for SMEs suffering from technology theft by raising the cap on punitive damages and mandating the submission of related materials.

Assemblyman Hong Ik-pyo, as the floor leader of the Democratic Party, communicated closely with the SME sector. By amending the ‘Restriction of Special Taxation Act,’ he established grounds for supporting R&D investment in SMEs, including tax benefits for technology transfer and acquisition, and extended the corporate tax reduction application period from 2023 to 2025.

Kim Ki-moon, chairman of the Korea Federation of SMEs, said, “With the help of the National Assembly and the government this year, there were achievements such as expanding the foreign workforce quota, implementing the payment linkage system for deliveries, and for the first time securing direct project funds from the government budget for cooperatives, thereby strengthening practical support for SMEs and cooperatives.” He added, “We hope the National Assembly will continue to listen to the voices from the SME field and make further efforts to resolve SME issues such as excluding collusion in cooperative joint projects, extending the grace period for the Serious Accident Punishment Act, and passing laws to revitalize business succession.”