31 Ruling and Opposition Lawmakers Launch Research Group for Ordinary Citizens and Small Business Owners

Sponsored by the National Credit Union Federation of Korea (Saemaeul Geumgo Joonganghoe)

The 22nd National Assembly research group, the ‘Forum for Revitalizing Microfinance and Supporting Small Business Owners,’ held its inaugural general meeting and discussion forum on the 26th at the National Assembly Members’ Office Building in Yeouido, Seoul, sponsored by the National Credit Union Federation of Korea (Saemaeul Geumgo Joonganghoe).

This forum was established to seek improvements in the financial environment and financial support measures for ordinary citizens and small business owners. Na Kyung-won of the People Power Party and Kim Gyo-heung of the Democratic Party of Korea serve as co-chairs, with Yoon Joon-byung of the Democratic Party of Korea as the research director. A total of 31 lawmakers from both ruling and opposition parties are participating as members.

In attendance were not only Representatives Na, Kim, and Yoon but also Representatives Yoo Dong-soo, Kim Jeong-jae, Wi Seong-gon, Park Soo-young, Yeom Tae-young, and Moon Dae-rim, officials from the Ministry of the Interior and Safety, academic experts, and over 100 diverse professionals including members of the National Credit Union Federation of Korea.

Representative Na stated that institutional support will be provided so that small business owners can stand strong during difficult times like these, and expressed support for the reformative image of Saemaeul Geumgo. Representative Kim Gyo-heung explained that regional extinction caused by aging populations and population decline leads to a vicious cycle of reduced local tax revenue, economic contraction, and decreased job creation, and that Saemaeul Geumgo supports ordinary citizens most closely not only through finance but also through community reinvestment.

The second part featured a discussion forum under the theme ‘The Role and Development Direction of Financial Cooperatives in the Era of Regional Extinction.’ Professor Jung Hyuk of Seoul National University’s Graduate School of International Studies presented on ‘The Role and Strategy of Financial Cooperatives for Regional Balanced Development,’ proposing the use of Saemaeul Geumgo’s regional financial network as a countermeasure against regional extinction to connect and expand the regional economy. Professor Jung added that Saemaeul Geumgo possesses the financial intermediary portfolio and potential to support the revitalization of regional development.

Professor Chun Chang-min of Seoul National University of Science and Technology emphasized the importance of the role of financial cooperatives for regional coexistence through an analysis of Japan’s case, and mentioned the need to establish a legal environment that enables practical regional coexistence finance activities by reasonably expanding the scope of financial cooperatives’ operations.

Yoon Joon-byung, the research director of the forum, emphasized, “We will research and discover policy agendas to revitalize microfinance and work to make them helpful in everyday life.” Kim In, chairman of the National Credit Union Federation of Korea, said, “Going forward, Saemaeul Geumgo will continue to walk alongside local communities and do its best for the stability and growth of ordinary citizens and small business owners.”