Small Business Association: "Passage of the Small Business Basic Act Feels Like Independence Day"

A plenary session is being held at the National Assembly on the 9th. Photo by Yonhap News

[Asia Economy Reporter Moon Hyewon] The Korea Federation of Micro Enterprise Associations expressed great welcome on the 9th regarding the passage of the Micro Enterprise Basic Act at the National Assembly plenary session, calling it the "Independence Day of Micro Enterprises."

In a statement released on the 10th, the Federation said, "This is another victory for micro enterprises and an important milestone forward; it can be called the Independence Day of Micro Enterprises in the Republic of Korea."

The Federation stated, "Although the leaders of the five ruling and opposition parties promised to enact the Micro Enterprise Basic Act, it had been repeatedly postponed due to political disputes. We have appealed to change the political climate that ignores the voices of micro enterprises in a reality without the Micro Enterprise Basic Act."

They continued, "These efforts have borne fruit with the passage of the Micro Enterprise Basic Act, and once this law is fully implemented, it will newly define the micro enterprise sector as a subject of economic policy, guaranteeing their legal status and rights."

Furthermore, they said, "We hope that a long-term and systematic basic plan will be established across ministries to implement long-term and macro-level micro enterprise policies. The enactment of the Micro Enterprise Basic Act is not the end but a new beginning. Through the creation of a policy environment that listens to the voices of micro enterprises and subsequent follow-up legislation, we hope to open a turning point where micro enterprises facing difficulties can receive substantial protection from the state."

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