[3rd Supplementary Budget] SMEs Say "It Will Be a Catalyst for Creating New Growth Engines"

On the 3rd, at the temporary Cabinet meeting held at the Government Seoul Office in Jongno-gu, Seoul, the 3rd supplementary budget proposal documents were placed on the desks of the Cabinet members. At this Cabinet meeting, the 3rd supplementary budget proposal was approved to overcome the economic crisis caused by the novel coronavirus disease (COVID-19) and to prepare for the post-COVID era. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Moon Hyewon] Regarding the 3rd supplementary budget, the small and medium-sized enterprises (SME) sector stated on the 3rd, "We expect it to serve as a catalyst for overcoming the economic crisis caused by the novel coronavirus disease (COVID-19) and for creating new growth engines in the post-COVID era."

The Korea Federation of SMEs said, "Currently, South Korea is facing visible shocks to the real economy and employment due to COVID-19, with concerns about a prolonged recession. Therefore, bold and swift fiscal investment to overcome the crisis is urgently needed," adding, "Emergency funding support and employment retention support for SMEs and small business owners will greatly help in preserving jobs."

They continued, "The supplementary budget bill should be promptly passed through bipartisan cooperation and the budget execution should proceed with a sense of urgency," and requested, "To maximize the support effects of this supplementary budget, legal and institutional improvements for deregulation, such as supplementing the 52-hour workweek system and revising various regulations that constrain businesses like the Chemical Substances Control Act and the Chemical Management Act, should also be expedited."

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