Medium-sized Business Sector Requests the Democratic Party to Supplement Measures Including the 'Supply Payment Linkage System'

On the 11th, Democratic Party Holds 'Minsheng Economy Meeting'
Kim Gi-moon "Some Amendments Needed for Corporate Succession Bills"

The small and medium-sized enterprises (SME) sector proposed partial improvements to the payment linkage system to the Democratic Party of Korea.

Kim Ki-moon, Chairman of the Korea Federation of Small and Medium Business, visiting Lee Jae-myung, leader of the Democratic Party of Korea, on May 30th [Photo by Korea Federation of Small and Medium Business]

The Korea Federation of SMEs announced on the 11th that it held a 'People's Livelihood Economy Meeting' with the Democratic Party at the party leader's office in the National Assembly.

This meeting was held as a follow-up to the proposal made by Kim Ki-moon, chairman of the Korea Federation of SMEs, during his visit to Lee Jae-myung, the Democratic Party leader, in May, suggesting a policy meeting between the SME sector and the Democratic Party.

Attending from the Democratic Party were Lee Jae-myung, party leader; Lee Eon-ju, Supreme Council member; Lee Jung-moon, senior deputy chairman of the Policy Committee; Lim Kwang-hyun, standing deputy chairman of the Policy Committee; Lee Hae-sik, chief secretary to the party leader; Cho Seung-rae, chief spokesperson; and National Assembly members Min Byung-duk and Oh Se-hee. From the SME sector, Kim Ki-moon, chairman of the Korea Federation of SMEs; Yoon Hak-soo, president of the Korea Specialty Contractors Association; and Lee Jung-han, president of the Korea Women Entrepreneurs Association, were present.

At the meeting, Kim Ki-moon emphasized, "During the 21st National Assembly, the payment linkage system, a long-standing issue for SMEs, and the corporate succession support bill were passed through bipartisan agreement. However, some improvements are needed, such as the exclusion of major expenses from the linkage system's application, the restriction of industry changes in corporate succession to within broad categories, and the limitation that only one major shareholder can utilize the system when there are multiple major shareholders."

He added, "I urge bipartisan cooperation to pass the remaining long-standing issue, the bill excluding collusion in joint projects of cooperatives, within this year."