Women’s Business Community Urges New Government to Actively Foster and Support Women-Owned Enterprises

Korea Federation of Women Entrepreneurs Issues Statement
Calls on New Administration to Actively Support Women-Owned Businesses
Highlights Importance of Women Entrepreneurs in Overcoming National Crises

The women’s business community has called on the new government to actively support women-owned enterprises.

On June 4, the Korea Federation of Women Entrepreneurs issued a statement saying, "We sincerely congratulate President Lee Jaemyung on his election," and added, "We expect that the newly inaugurated Lee Jaemyung administration will overcome the nation’s complex crises and lead national unity and the stabilization of people’s livelihoods."

Building of Korea Federation of Women Entrepreneurs. Korea Federation of Women Entrepreneurs

The Federation stated, "There are 3.26 million women-owned businesses in Korea, accounting for more than 40% of all companies, and they have grown to become a pillar of the Korean economy. The employment rate of women workers in women-owned businesses is more than twice that of men-owned businesses, leading the way in expanding women’s participation in economic activities. In addition, the growth rate of technology startups among women is more than four times higher than that of men."

They added, "For these reasons, the importance of women-owned businesses is increasing day by day in overcoming structural crises such as low growth, low birth rates, and an aging population."

The Federation urged, "The new government should recognize women-owned businesses as a strategic asset for economic growth and the establishment of a sustainable society, and should actively foster and support women-owned enterprises."

Specifically, they called for strengthening surveys and statistical foundations on women-owned businesses to design more precise and effective policies, as well as expanding support to enhance the export capabilities of women-owned enterprises. In addition, they requested that the femtech industry be designated as a women-specialized industry and strategically fostered, and that an institutional foundation be established so that talented young women entrepreneurs can balance pregnancy, childbirth, childcare, and business activities without career interruptions.

The Federation emphasized, "Together with the new government, we will lead efforts to strengthen the competitiveness of 3.26 million women-owned businesses and expand their economic and social contributions, thereby contributing to a major leap forward for the national economy and taking the lead in building a Korea where all citizens can pursue their dreams and enjoy the joy of achievement."