Press Briefing by the Ministry of SMEs and Startups on the 26th
Separate Policy to Foster Alleyway Shopping Districts
Targeted Response to U.S. Tariffs on 50 Selected Items
Focused Support for Key Industries Including AI and Bio
The Ministry of SMEs and Startups has decided to focus on supporting small business owners struggling due to domestic demand stagnation this year. It also plans to strengthen responses for small and medium-sized export companies affected by changes in U.S. tariff policies.
On the 26th, Minister Oh Young-joo of the Ministry of SMEs and Startups announced the ministry's business status for this year at a press briefing held at the Four Seasons Hotel in Jongno-gu, Seoul. He said, "Above all, since small business owners are going through the most difficult time, we are making efforts to expedite budget execution within the first half of the year." He added, "If a supplementary budget is formulated, support for small business owners and export SMEs affected by U.S. tariff policies will be the top priority."
Minister Oh Young-joo of the Ministry of SMEs and Startups is delivering a greeting at the 'AI Super Gap Challenge Kick-off Day' held on the 26th at the Four Seasons Hotel in Jongno, Seoul. 2025.2.26 Photo by Jo Yong-jun
He particularly stated, "When listening directly to stories from small business sites, I feel the Ministry of SMEs and Startups' role in stabilizing management and increasing sales is crucial," adding, "We will prepare separate support measures to expand sales using Onnuri gift certificates in alleyway shopping districts and to develop the shopping districts themselves into sustainable commercial areas."
Regarding responses to U.S. tariff policies, he said, "We will select about 50 items and provide customized support according to each SME's situation, industry, and business experience." The U.S. plans to impose a 25% tariff on steel and aluminum imports starting next month. Minister Oh said, "We are reviewing various products made from steel and aluminum, which are expected to be immediately affected."
Regarding future industries, the ministry plans to focus on nurturing artificial intelligence (AI) and the pharmaceutical and bio sectors as national growth engines. Minister Oh stated, "If startups and venture companies in AI and pharmaceutical and bio sectors are not properly supported now, they may fall behind in global competition," adding, "We will establish separate measures and actively support them."
He cited the 'Leap Program' as the Ministry of SMEs and Startups' biggest achievement last year. The Leap Program is a project to nurture 100 SMEs with excellent growth potential into mid-sized companies. Minister Oh explained, "It is a large-scale support plan that comprehensively supports SMEs that can jump to mid-sized companies with just a little help in capital or management." However, he added, "It is regrettable that support for small business owners had to focus only on protection and management stabilization rather than growth."
Meanwhile, Minister Oh also revealed plans to accelerate the enactment of the Special Act on Corporate Succession and to legislate bills such as the Carbon Neutrality Act, the SME AI Diffusion Act, and the Smart Manufacturing Industry Promotion Act as parliamentary bills.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
