SME Sector Requests Business Owner Defense Rights Under Yellow Envelope Act in Meeting with People Power Party Leader Jang Donghyuk

Ten Key Issues Presented

The small and medium-sized business sector met with Jang Donghyuk, leader of the People Power Party, to request measures addressing trade issues such as high tariffs and to establish the right of business owners to defend themselves following the implementation of the Yellow Envelope Act.

On October 22, the Korea Federation of SMEs announced that it held a meeting with Jang Donghyuk, leader of the People Power Party, at its headquarters in Yeongdeungpo-gu, Seoul. Attendees included Jang Donghyuk, leader of the People Power Party, Kim Doeup, chairman of the policy committee, as well as Kim Ki-moon, chairman of the Korea Federation of SMEs, and senior vice chairmen Kwon Hyukhong and Bae Jo-ung from the SME sector.

Leaders of SME organizations presented ten key issues from various fields. To promote trade and SME growth, they emphasized the need for: ▲measures to address trade issues such as high tariffs; ▲support for women-focused companies through the development of the femtech industry; ▲the introduction of a fund to vitalize the KOSDAQ market; ▲the cultivation of global female venture company role models; and ▲the introduction of a TDM exemption system.

To create a fair business environment, they also requested: ▲the introduction of a negotiation request right for SME cooperatives; ▲improvements to systems ensuring SMEs receive fair value for their products and services; and ▲the legalization of joint contracts under the main contractor management system. In addition, they called for ▲the right of business owners to defend themselves following the implementation of the Yellow Envelope Act and ▲guaranteeing autonomy in the continued employment of older workers.

Chairman Kim stated, "With declining birth rates and an aging population reducing the consumer base, and with trade issues compounding these challenges, everyone from small business owners to export companies is having a difficult time. These days, SMEs and small business owners are concerned that politics should be managed well for the sake of the economy. I believe politics is about the ruling and opposition parties engaging in healthy competition, negotiation, and compromise for national development and the people. I urge both parties to cooperate and swiftly pass livelihood-related bills."