Park Young-sun: "Samsung is making great efforts to change itself"... Achievements of a 'Considerate Company'

Park Young-sun, Minister of SMEs and Startups

[Asia Economy Reporter Kim Daeseop] "I think Samsung itself is making a great effort to change."

On the 6th, Park Young-sun, Minister of SMEs and Startups, held a tea meeting with reporters at Tipstown in Yeoksam-dong, Seoul, on the occasion of her first anniversary in office, saying, "The current relationship between the Ministry of SMEs and Startups and Samsung is focused on connecting the long-established know-how, capital, and technology of large corporations with new industries, startups, and small and medium enterprises while maintaining coexistence and solidarity."

Two days before her first anniversary, Minister Park emphasized the achievements of the "Caring Companies" initiative, which includes Samsung Electronics, among the policies the Ministry of SMEs and Startups has accomplished over the past year. In the case of Samsung Electronics, when a shortage occurred due to the COVID-19 pandemic, it dispatched its own mentors to small and medium enterprises promoting smart factories, such as Hwajin Industry, significantly supporting the increase in production of masks and other items.

Minister Park's remarks reflect a somewhat changed perspective compared to her stance on Samsung during her time as a member of the National Assembly. She was once known as a "chaebol sniper" and "Samsung sniper" while serving as the chairperson of the Democratic Party's Special Committee on Chaebol Reform. She explained, "When I was a member of the National Assembly, I thought there were problems with Samsung's governance structure."

The "Caring Companies" selected by the Ministry of SMEs and Startups since last year include Naver, POSCO, Shinhan Financial Group, KB Kookmin Bank, Woori Bank, SoftBank Ventures, Samsung Electronics, KEB Hana Bank, Korea Rail Network Authority, Hyundai-Kia Motors, and Korea Aerospace Industries. Caring Companies refer to voluntary win-win cooperation companies that share their infrastructure, win-win programs, and know-how with partner companies, small businesses, and even non-trading companies.

Minister Park took office on April 8 last year. Among the policies promoted by the Ministry of SMEs and Startups over the past year, she cited the establishment of "Caring Companies," the "increase in venture investment," and the "Value Up Campaign" as major achievements.

Minister Park emphasized, "Last year, the scale of new venture investment was 4.2777 trillion won, and especially venture companies with sales exceeding 100 billion won have strengthened the backbone of the industry and economy. The expansion of venture investment is also considered one of the greatest achievements of the Moon Jae-in administration."

According to the Ministry of SMEs and Startups, the annual scale of venture investment has been increasing, from 3.4249 trillion won in 2018 to 4.2777 trillion won last year. Also, the "Value Up Campaign," which strengthens online support for small business owners and self-employed individuals, is spreading and gaining ground.

For the co-growth of small business owners, the Ministry of SMEs and Startups implemented the "One-person Small Business Media Platform" and "Value Up TV" last year, and this year, starting from the 26th of last month, it has been running the "Value Up Special Exhibition" to support small business owners selling agricultural, marine products, and local specialties whose consumption sharply declined due to COVID-19. Minister Park said, "The Value Up Campaign is spreading nationwide, and the Ministry's employees also feel a great sense of accomplishment."

Minister Park stressed the need to implement policies that shift perspectives in response to the COVID-19 crisis. She said, "This is a great turning point. I think COVID-19 has become a trigger that accelerates the speed of this great transformation. We need to prepare support for investing in the future, such as the untact economy based on non-face-to-face interactions."

Minister Park also emphasized on-site crisis response, including COVID-19 financial support. She said, "Regarding loans for small business owners, we are implementing unprecedented financial support that removes financial blocks. We are also holding many closed-door meetings with the Financial Services Commission and others to provide prompt support to small business owners."

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