Hanju Lee: "Wave of Small Business Closures... Measures Needed to Support the Self-Employed"

First Work Report from Ministry of Strategy and Finance to National Policy Planning Committee
"Government Must Lay the Foundation for Businesses to Thrive"

Hanju Lee, Chairman of the National Policy Planning Committee, stated on the 18th, "There must be concrete measures for restoring livelihoods, especially regarding how to support small business owners and the self-employed."

Chairman Lee made these remarks during the Ministry of Strategy and Finance work report to the Economic Subcommittee 1 of the National Policy Planning Committee, held that morning at the Government Sejong Convention Center. He explained, "While large corporations are also facing difficulties, the situation for small and medium-sized enterprises and self-employed individuals at the lower end is becoming increasingly severe, with business closures occurring one after another."

He added, "I have never seen a 0.1% growth rate in the fourth quarter, nor have I seen negative growth without a specific reason. Some even say, when you visit local neighborhoods, that things are tougher now than during the IMF crisis. Even professional institutions are questioning whether this year's economic growth forecast of 0.8% will be realized."

Chairman Lee pointed out, "A unique phenomenon in Korea is that there are significant disparities by region, by industry, and by business size," and emphasized, "We need to work to narrow those gaps. The government must fundamentally help small and medium-sized enterprises not only to thrive but also to innovate." He further stressed, "Ultimately, the government's role is to lay the foundation for businesses and ensure they can perform at their best."

Jung Taeho, a member of the Democratic Party of Korea who heads Economic Subcommittee 1, said, "For a government based on popular sovereignty, ending internal strife and restoring the economy are the top priorities." He continued, "Specifically, there must be concrete measures for restoring livelihoods, especially for small business owners and the self-employed. It seems today's supplementary budget proposal will include such measures."

Minister of Strategy and Finance Work Report, Chairman Hanju Lee Speaking (Sejong=Yonhap News) Photo by Jae-Man Bae = Hanju Lee, Chairman of the National Policy Planning Committee, is speaking at the Ministry of Strategy and Finance work report held at the Government Sejong Convention Center on the 18th. 2025.6.18 scoop@yna.co.kr (End)

Representative Jung stated, "Measures to restore the competitiveness of traditional key industries are needed, and it is also a policy task to elevate national strategic industries and new industries to the world's top level." He added, "Today's report is about reviewing concrete plans and preparations for overcoming the economic crisis and creating new engines for economic growth."

Meanwhile, this series of work reports will be conducted over three days until the 20th, with each ministry presenting its report to the respective subcommittees of the National Policy Planning Committee. On this day, Economic Subcommittee 2 will receive a report from the Ministry of SMEs and Startups, while the Political and Administrative Subcommittee is scheduled to receive reports from the Ministry of the Interior and Safety, the National Police Agency, and the Anti-Corruption and Civil Rights Commission.

On the 19th, work reports will be presented by the Financial Services Commission and Korea Customs Service (Economic Subcommittee 1), Ministry of Trade, Industry and Energy, Ministry of Agriculture, Food and Rural Affairs, and Korea Forest Service (Economic Subcommittee 2), Ministry of Employment and Labor and Ministry of the Interior and Safety (Social Subcommittee 1), Ministry of Patriots and Veterans Affairs and Ministry of Environment (Social Subcommittee 2), Ministry of Justice, Ministry of Personnel Management, and Ministry of Government Legislation (Political and Administrative Subcommittee), and Ministry of National Defense (Foreign Affairs and Security Subcommittee). On the 20th, work reports will be presented by the Fair Trade Commission (Economic Subcommittee 1), Ministry of Land, Infrastructure and Transport and Ministry of Oceans and Fisheries (Economic Subcommittee 2), Korea Communications Commission (Social Subcommittee 2), and the Supreme Prosecutors' Office (Political and Administrative Subcommittee). The Ministry of Oceans and Fisheries' report will also address the issue of relocating the ministry to Busan, which is a campaign pledge.