Symposium Held on "Revitalizing the Livelihood Economy through Strengthening Support for Small Business Owners"
The Korea Institute of Startup and Entrepreneurship Development (KOSI) announced on the 20th that it held the 3rd KOSI Symposium under the theme "Revitalizing the Livelihood Economy through Strengthening Support for Small Business Owners." This symposium was organized to explore ways to restore the competitiveness of small business owners whose survival is threatened by the complex economic crisis, including high inflation, high interest rates,·and shrinking consumption. It also aimed to discuss practical alternatives for effective policy transition.
Cho Juhyun, President of the Korea Institute of Startup and Entrepreneurship Development, stated, "Small business owners are facing severe management pressures due to shrinking consumption, the debt burden following COVID-19, and an increase in business closures." He added, "To overcome this crisis, it is urgent to revitalize domestic demand, reduce the burden on small business owners, and establish strategies for selective support and growth based on their capabilities."
On the 20th, participants of the 3rd KOSI Symposium held under the theme "Revitalizing the Livelihood Economy through Strengthening Support for Small Business Owners" are taking a commemorative photo. Korea Institute of Startup and Entrepreneurship Development
In the first presentation, Jung Eunae, Research Fellow at the Korea Institute of Startup and Entrepreneurship Development, addressed the topic "Small Business Owners Speak: Small Business Owners in Crisis." Based on in-depth interviews she conducted, Jung highlighted the causes of the crisis as experienced by small business owners on the ground. She pointed out that, despite structural challenges such as high inflation, high interest rates, rising labor costs, and stagnation of local commercial districts, government policies are still limited to short-term and universal support. She emphasized the need for a demand-centered approach and a customized support system tailored to each stage of the business life cycle.
In the second presentation, Jung Sujeong, Director of the Small Business and Win-Win Research Office at KOSI, presented "30 Major Policy Tasks for Small Business Owners Proposed by KOSI." Jung classified policies into six areas: strengthening the authority of the Ministry of SMEs and Startups over daily-life industries, securing digital transformation capabilities, revitalizing commercial districts in connection with local tourism, expanding the social safety net, and restructuring collaboration frameworks with large corporations. She proposed 30 detailed tasks related to these areas. In particular, the enactment of a "Special Act on the Promotion of Small Business Distribution Companies," support for AI-based customized digital transformation, mandatory enrollment of small business owners in employment insurance with system revisions based on sales volume, and the establishment of an integrated management system for Onnuri and Local Love Gift Certificates were highlighted as key policies that could enhance effectiveness.
In the third presentation, Lee Younghye, attorney at Banwoo Law Firm, spoke on "One-Stop Support Measures for Small Business Owners in Crisis." She pointed out that the fragmented structure of the current system makes recovery and restarting difficult. Accordingly, she proposed the establishment of a "Small Business Recovery Support Committee" covering the entire business life cycle of small business owners, emphasizing the necessity of building an integrated support system that connects pre-consultation, debt adjustment, financial support, and support for business closure and restarting.
In the subsequent comprehensive discussion, Lee Jeonghee, professor at Chung-Ang University, served as moderator. Panelists included Wi Pyeongryang, Policy Committee Member at the Economic Reform Alliance; Yoo Byeongjun, professor at Seoul National University; Son Seongwon, Director at the Korea Federation of SMEs; and Cha Namsu, Head of the Korea Federation of Micro Enterprises. They shared a variety of policy suggestions.
President Cho stated, "The institute will continue its efforts so that SMEs, venture companies, and small business owners can serve as the foundation of the Korean economy and become the driving force for new growth during this period of great transformation."
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