SME Sector Urges Ruling Party: "Pay Attention to SMEs Impacted by U.S. Tariffs"

Policy Meeting Held at Korea Federation of SMEs on September 4
"Serious Crisis on the Ground... Hoping for New Policies"

The small and medium-sized enterprise (SME) sector met with the Democratic Party of Korea to request support for companies that have suffered losses due to the high tariff policies of the United States.

On September 4, the Korea Federation of SMEs held a "Policy Meeting with Democratic Party Leader Jeong Cheongrae and SME Representatives" at its headquarters in Yeongdeungpo-gu, Seoul.

The meeting was attended by Democratic Party Leader Jeong Cheongrae, Policy Committee Chair Han Jeongae, Kim Woni, secretary of the Trade, Industry, Energy, SMEs and Startups Committee, Kwon Chilsung, chair of the SME Special Committee, spokesperson Kwon Hyangyeop, Kim Donga, member of the Industry Committee, Han Minsu, chief of staff to the party leader, Kim Younghwan, chief of political affairs, and Lim Ohkyung, head of the civil affairs and policy office.

Representing the SME sector were Kim Ki Moon, chairman of the Korea Federation of SMEs, Yoon Haksoo, chairman of the Korea Specialty Contractors Association, Cho Inho, chairman of the Korea Mechanical Equipment Construction Association, Park Chang Sook, chairwoman of the Korea Women Entrepreneurs Association, Kang Hwansu, chairman of the Korea Federation of SME Convergence, Kim Deokjae, chairwoman of the IT Women Entrepreneurs Association, and about 40 other heads of SME cooperative associations by industry.

Chairman Kim Ki Moon stated, "It is significant that Party Leader Jeong Cheongrae has chosen to prioritize small business owners and the SME sector," emphasizing the crisis on the ground by adding, "Due to the worsening economic situation, over 1 million SMEs and small business owners closed their businesses last year."

He continued, "The MASGA agreement reached at the recent Korea-U.S. summit is expected to create new opportunities for the SME shipbuilding equipment sector." However, he also requested, "Due to the U.S. high tariff policy, a 50% tariff is being imposed on steel and aluminum derivative products. Please pay attention to ensure that SME shipbuilding equipment and parts manufacturers are not harmed when exporting." He added, "Now that the regular session of the National Assembly has begun, we hope the Democratic Party will establish policies that will give hope to the 8.3 million SMEs and small business owners."

During the subsequent meeting, the SME sector submitted proposals including: ▲ addressing SME issues related to trade issues such as high tariffs ▲ clarifying the definition of employer under labor union law and introducing employer defense rights ▲ improving industrial accident prevention and quality through fairer construction industry production structures ▲ supplementing legislation related to amendments to the Commercial Act ▲ ensuring autonomy and expanding incentives for continued employment of older workers ▲ establishing an environment where large and small companies can receive fair compensation ▲ and supporting the growth and development of SMEs.