Lee Sang-jik, Chairman of the Korea Institute for Advancement of Technology, Announces Resignation... Expected to Run in General Election

Lee Sang-jik, President of the Small and Medium Business Corporation. / Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Moon Hyewon] Lee Sang-jik, Chairman of the Small and Medium Business Corporation (hereinafter referred to as SBC), suddenly announced his intention to resign on the 7th. His declaration of resignation is interpreted as a move to run in the upcoming 21st general election in April.

According to SBC on the day, Chairman Lee explained his reason for resignation, saying, “I will break the monopoly structure of conglomerate companies enjoying excess profits amounting to 50 trillion won and create a fair economic ecosystem that increases the real income of the people,” and “I will do greater work by contributing to the development of the national and regional economy through creating quality jobs by fostering innovative small and medium ventures.”

SBC stated, “Chairman Lee was appointed as the first chairman from the Honam region in the 40 years since SBC was established and improved policy support imbalances over the past two years,” adding, “He contributed to the innovative growth of small and medium ventures and job creation through fair economy by promoting projects such as the Gunsan Win-Win Job Model and electric vehicle cluster creation, Seattle and New Delhi KSC (Global Innovation Growth Centers), nationwide expansion of the Youth Startup Academy, and scale-up financing.”

Chairman Lee, who took office as the 17th chairman in 2018, is also well known as the founder of Eastar Jet, a leading domestic low-cost carrier (LCC). In the last presidential election, he served as the senior deputy head of the Vocational Headquarters in Moon Jae-in’s campaign.

In 2012, he ran as a Democratic United Party candidate in Wansan-gu Eul, Jeonju, Jeollabuk-do, and served as a member of the 19th National Assembly, but in the last general election, he was defeated by Choi Hyung-jae, a preliminary candidate of the Democratic Party of Korea, and failed to advance to the main election.

He is expected to compete for the nomination in the Jeonju Eul electoral district again in this general election against Choi Hyung-jae, former co-chairman of the Roh Moo-hyun Foundation Jeonbuk Committee, and lawyer Lee Deok-chun, who promotes youth politics.

Meanwhile, Chairman Lee’s retirement ceremony is scheduled to be held on the 15th.

This content was produced with the assistance of AI translation services.