President Moon: "Small and Venture Companies at the Center of Economic Recovery in the COVID Era"

Ministry of SMEs and Startups Announces Comprehensive Plan for SME Development at Cabinet Meeting... President Moon Emphasizes Swift Execution of 4th Supplementary Budget

[Asia Economy Reporter Ryu Jeong-min] President Moon Jae-in chaired a Cabinet meeting at the Blue House on the morning of the 6th and stated, "We will firmly establish small and medium-sized enterprises (SMEs) and venture companies as the core of economic recovery in the COVID-19 era and as the main players of the digital economy in the post-COVID era."

At the Cabinet meeting that day, the enforcement decrees related to the public procurement win-win cooperation support system and the priority purchase system for startup company products by public institutions were reviewed and approved. In this regard, the Ministry of SMEs and Startups announced the "Comprehensive Plan for SME Development (2020-2022)" at the Cabinet meeting. The plan includes a vision to realize a leading digital powerhouse in the world through fostering global innovative companies.

President Moon emphasized, "This is to create an ecosystem where SMEs are favored in public procurement and to support startups in securing initial sales channels," adding, "The role and proportion of SMEs and startup venture companies will expand, and the innovation and growth potential of companies will be emphasized."

[Image source=Yonhap News]

President Moon said, "Our government established the Ministry of SMEs and Startups to realize an economy centered on SMEs, ventures, and small business owners," and added, "I hope that the comprehensive SME development plan for the next three years will change the structure of our economy, achieve a transition to the digital economy, and serve as a foundation for leaping forward as a leading economy."

Furthermore, President Moon stressed the importance of the swift execution of the 4th supplementary budget containing support measures for damages caused by the novel coronavirus infection (COVID-19) at the Cabinet meeting that day.

President Moon said, "The government is deeply concerned about alleviating the difficulties of (SMEs, small business owners, and self-employed individuals) and creating new opportunities and hope," and added, "We focused on rapid execution, such as disbursing 77% of the customized disaster relief funds through the 4th supplementary budget before Chuseok."

President Moon pledged, "The government will further reduce the operational burdens of small business owners and self-employed individuals. Along with efforts to reduce rent burdens, such as extending tax support for 'good rent,' we will also promote policies to alleviate electricity bill burdens."

Meanwhile, the Cabinet meeting was held in the video conference room on the 3rd floor of Yeomin Building 1 at the Blue House. Considering COVID-19, the number of on-site attendees was minimized.

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