Yoon: "Largest Budget for Small Business Owners, 200 Billion KRW Support for Delivery Fees" (Comprehensive)

Attendance at the Korea Small Business Conference
Next Year's Related Budget Set at 5.9 Trillion Won
Electricity Bill Support for Small Business Owners with Low Revenue

President Yoon Suk-yeol is delivering a congratulatory speech at the opening ceremony of the '2024 Korea Small Business Owners Conference' held on the 31st at KINTEX in Goyang-si, Gyeonggi-do.
[Image source=Yonhap News]

President Yoon Suk-yeol announced on the 31st regarding support for small business owners, "Next year, we will newly provide delivery fee support worth 200 billion KRW to 680,000 people, and for 900,000 micro small business owners, in addition to the already supported 200,000 KRW electricity bill, we plan to provide an additional 50,000 KRW."

President Yoon attended the '2024 Korea Small Business Owners Conference' held at KINTEX in Ilsan that morning and said, "To help you feel the warmth of economic recovery as soon as possible, we have allocated the largest-ever budget for small business owners next year, totaling 5.9 trillion KRW."

Following last year, when he became the first president ever to attend the Small Business Owners Conference, President Yoon attended the event for the second consecutive year. Marking its 19th year, this year's event was held on the largest scale ever, with about 4,000 small business owners from various industries such as food service and tailoring attending.

In his encouragement speech, President Yoon emphasized, "Small business owners are the foundation of people's livelihoods and local economies, and the backbone of our economy." He also promised that the government and banks will collaborate to supply 14 trillion KRW in new guaranteed loans next year, an increase of 2 trillion KRW from this year, and will significantly double the size of convertible guaranteed loans to 10 trillion KRW to further ease the financial burden on small business owners.

"Onnuri Gift Certificates Sales to Expand Further Next Year"

He also explained, "Onnuri gift certificates, which can be used at about 200,000 affiliated stores nationwide including traditional markets and small business shops, were sold in the amount of 1.4 trillion KRW during the month around last Chuseok, more than three times the amount compared to last year," adding, "For the entire year, sales are expected to reach a record high of 4.2 trillion KRW, and we will further expand sales next year."

President Yoon then addressed small business owners, saying, "The strength of the Korean economy comes directly from you," and added, "The president and all government ministries will work as one team to vigorously support all of you small business owners."

[Image source=Yonhap News]

Before the opening ceremony, President Yoon visited industry-specific booths operated by the Korea Custom Tailors Association and others, and cheered on participants in the small business skills competition held during the conference. When President Yoon asked at the booth operated by the Custom Tailors Association, "In the past, people used to have suits tailored at tailor shops, but nowadays it seems people mostly buy ready-made clothes. How is it?" Baek Ju-sik, the association representative, replied, "Recently, more young people are having suits tailored again." President Yoon responded, "I was worried that the trend of buying suits might make the custom tailoring industry difficult, but I’m glad to hear that a boom is happening again."

Moving to the Korea Gift Wrapping Association, President Yoon said, "Although the quality of our products is very good, sometimes the packaging is lacking compared to other countries." In response, Hwang In-ja, the representative of the Gift Wrapping Association, said, "We are striving to increase added value through consulting on small business products such as bakery items, fruits, bags, and college entrance exam gift sets."

After touring the event booths, President Yoon said, "I am always deeply moved as someone responsible for national affairs by your desire to live better," and added, "Today again, I vowed that the government and I will support you more diligently to give you great strength.” He also emphasized, "Whenever I visit a region, I always make sure to visit traditional markets because you are the foundation of people's livelihoods and local economies, and the backbone of our economy."

Yoon on North Korea’s ICBM Launch: "We Will Maintain Full Preparedness"

President Yoon stated, "To continue growing our economy and for you to work with peace of mind, strong national security is essential," and pointed out, "As you may have seen in the news, just days before the U.S. presidential election, North Korea launched an intercontinental ballistic missile (ICBM) this morning. They are secretly sending mercenaries to Russia behind the scenes and directly threatening our security in front." He added, "The government will take necessary measures strictly," and assured, "We will maintain full preparedness so that small business owners and the public can conduct business and maintain their daily lives without worry."

He continued, "I will never forget the original intention with which I started politics?to wipe away your tears," and added, "The government and I, as one team, will vigorously support the 7.66 million small business owners."

Afterward, at the opening ceremony, President Yoon personally awarded medals and commendations to six individuals who contributed to the growth of small businesses, including Seo Yong-pil, CEO of Dupang Confectionery (Silver Tower Order of Industrial Service Merit), and Kim Dae-rae, CEO of Elim Coffee (Iron Tower Order of Industrial Service Merit), and encouraged them.

The event was attended by more than 4,000 small business owners from various industries such as tailoring and food service from all over the country, including Song Chi-young, chairman of the Korea Federation of Small Businesses. From the government, Minister Oh Young-joo of the Ministry of SMEs and Startups attended, and from the National Assembly, Kim Sang-hoon, chairman of the People Power Party Policy Committee, and Lee Cheol-gyu, chairman of the Industry, Trade, and SMEs Committee, participated. From the Presidential Office, Policy Chief Sung Tae-yoon and Senior Secretary for Economic Affairs Park Chun-seop were also present.