New Hotline Established Between Government and SMEs Amid Impeachment and US New Administration Wave

The government will operate a policy proposal hotline channel between the government and small and medium-sized enterprises (SMEs) to respond to the increasing domestic and international uncertainties following the inauguration of the second term of the U.S. Donald Trump administration and the impeachment political situation.

On the 26th, Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, held a meeting with SME representatives, including Kim Ki-moon, chairman of the Korea Federation of SMEs, at the Korea Federation of SMEs.

This meeting was held to listen to the current issues of SMEs amid the recently expanding uncertainties in domestic and international conditions and to review the implementation of the newly launched 'SME Express Hotline.' The SME Express Hotline is a joint government-SME proposal collection online platform, which will be established on the Korea Federation of SMEs website.

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, is delivering a greeting at a meeting with small and medium-sized business owners held on the 26th at the Korea Federation of SMEs in Yeongdeungpo-gu, Seoul. (Source: Ministry of Economy and Finance)

At the meeting, Deputy Prime Minister Choi said, "In situations like the present, it is important for the government and companies to communicate closely to quickly resolve pressing issues," adding, "Starting today, we will operate the SME Express Hotline to continuously collect field difficulties and establish a rapid response system that allows proposing companies to transparently check the review process."

He also promised government-level support for SMEs and small business owners. He stated, "We will mobilize all available public sector resources, including unprecedented speed and scale of government budget execution," and added, "We will prioritize the recovery of people’s livelihoods as the top task in next year’s economic policy direction, focusing government capabilities on policy prescriptions for domestic demand sectors such as consumption and construction, as well as customized support for small business owners and SMEs."

Regarding proposals from SMEs at the meeting, such as the extension of the sunset clause for temporary investment tax credits, Deputy Prime Minister Choi announced that he would actively communicate with the National Assembly to expedite the legislation of bills such as the Restriction of Special Taxation Act, which companies need.

Deputy Prime Minister Choi requested, "Please turn recent difficulties into opportunities for a leap forward and demonstrate innovative and visionary leadership that leads investment, exports, and job creation," emphasizing, "Such public-private joint efforts can serve as an important foundation for strengthening industrial competitiveness in the long term."