SMEs "Expecting Easing of Various Regulations That Restrict Businesses"

Headquarters of the Korea Federation of Small and Medium Business

[Asia Economy Reporter Kim Daeseop] The Korea Federation of Small and Medium Business (Kbiz) stated on the 10th in a commentary on President Moon Jae-in's special national address marking his 3rd anniversary in office, "It is a very meaningful speech as it expressed the determination to focus all capabilities on overcoming the economic crisis by leveraging the image of a model country in quarantine to prepare for the post-COVID-19 era."

Kbiz welcomed the content of President Moon's special address held at the Blue House Chunuchu-gwan on the 3rd anniversary of his inauguration, emphasizing, "In particular, we highly welcome the declaration of a bold strategy to promote the return of our companies as well as attract advanced overseas industries and investments in order to move toward a leading economy."

They also expressed their stance on deregulation by reflecting the voices from the SME field. Kbiz explained, "So far, many small and medium enterprises have relocated to China and Southeast Asia not only to pioneer new markets but also due to the rapid rise in domestic labor costs and various labor and environmental regulations."

They continued, "Therefore, to actively induce the reshoring of our companies that have moved overseas and to attract foreign advanced companies, it is necessary to closely analyze reshoring support policies of major countries such as Japan and provide bold incentives. We expect the enactment of supplementary legislation on the 52-hour workweek system for SMEs facing labor shortages, as well as the revolutionary relaxation of various regulations that constrain companies, thereby improving laws and systems."

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