Han Seongsuk: "Establishing Social and Disaster Safety Nets for Small Business Owners Is Top Priority... Will Make Them Leaders of Digital Transformation"

Inauguration Ceremony Held at Sejong Government Complex on the 24th
Promises to Establish Disaster Recovery System for Small Business Owners
Emphasizes Enactment of 'Manufacturing Industry Innovation Act' for Digital Transformation
Presents Comprehensive Plan to Make Korea a Top Four Venture Powerhouse

Han Seongsuk, Minister of SMEs and Startups, selected the "establishment of social and disaster safety nets for small business owners" as her first policy initiative after taking office. She also promised to systematically support the digital transformation of SMEs and small business owners by enacting the "Smart Manufacturing Industry Innovation Act" as her next priority.

At her inauguration ceremony held at the Ministry of SMEs and Startups building in Sejong on the 24th, Minister Han stated, "The Korean economy is currently facing a very complex phase, where transition and challenges intersect." She added, "We are now living in an era where it is difficult to survive in the market without properly utilizing technology and data. Moreover, the increasing uncertainty in the global market has made the reality faced by export-oriented SMEs even more difficult."

Hansung Sook, Minister of SMEs and Startups, is delivering an inaugural address at the inauguration ceremony held at the Ministry of SMEs and Startups building in Sejong on the 24th. Ministry of SMEs and Startups

In particular, Minister Han emphasized that her top priority after taking office would be the "establishment of social and disaster safety nets for small business owners." She said, "Even on my way here, I was saddened to hear that the market in Dangjin, Chungnam, was flooded." She continued, "We will focus on establishing a recovery system for major disasters, strengthening support for employment insurance, and enhancing fire insurance coverage."

She went on to say, "We will strengthen proactive, one-stop support tailored to the characteristics of small business owners, from business closure to re-employment, even before debt adjustment. We will also build a recovery support delivery system." She added, "By utilizing large-scale consumption promotion events such as the Donghaeng Festival, we will stimulate domestic demand. We will also foster local commercial districts as regional hubs by linking them with local tourism and cultural resources."

Minister Han also expressed her ambition to make SMEs the main drivers of the digital transformation. She stated, "Many startups are challenging the field of manufacturing artificial intelligence (AI), and we will focus on creating a smart manufacturing innovation ecosystem that provides the necessary solutions and data to manufacturing companies." She continued, "We will promote the digital transformation of SMEs at various levels, from the basics to advanced stages, and expand it to AI smart factories and beyond." She emphasized, "To systematically support this digital transformation, we will push for the enactment of the Smart Manufacturing Industry Innovation Act."

Specific plans to foster the startup and venture ecosystem were also presented. Minister Han said, "This year marks the 30th anniversary of Korea's venture industry and the 20th anniversary of the Korea Fund of Funds. We will make this a meaningful year that sparks a new wave of venture startups." She continued, "We will prepare a comprehensive plan for Korea to become one of the world's top four venture powerhouses, expand the participation of private capital such as pension funds in the venture investment market, and actively expand the domestic venture investment market by redefining the functions of the Korea Fund of Funds, including extending its duration."

Minister Han also stated, "We will introduce a Korean-style discovery system to eradicate technology theft from SMEs, and we will improve the supply price linkage system to ensure that subcontracting SMEs with weak bargaining power can receive fair transaction payments." She added, "To foster the regional economy, we will establish regional innovation hubs focusing on the five major mega-regions and three special self-governing provinces. We will also build a cooperation base by connecting local universities, research institutes, SMEs, mid-sized companies, and innovative startups."

She also mentioned the direction for the operation of the Ministry of SMEs and Startups. Minister Han emphasized, "We will treat SMEs, startups, and small business owners not as mere policy targets but as 'partners,' always visiting the field, listening carefully, and communicating." She added, "We will develop the ministry into a 'strategic organization for SMEs and small business owners' that actively responds to changes in the global market and serves as a policy hub."

Meanwhile, on the morning of the 24th, Minister Han began her first official schedule by attending her inauguration ceremony at the Eoulrim Hall on the 4th floor of the Ministry of SMEs and Startups building in Sejong, and then visiting a local alleyway shopping district in Yuseong-gu, Daejeon, to meet with merchants. She also planned to visit the Jungang Market Revitalization Zone in Dong-gu, Daejeon, to listen to the concerns of merchants selling fruit, snacks, rice cakes, fish cakes, and other goods, and to offer encouragement.