‘Small Business Owners' Day’… Sogongyeon "An Opportunity to Start Again"

On the 2nd, in front of the National Assembly in Yeouido, Seoul, officials belonging to the Korea Federation of Small and Medium Business Owners held a press conference urging the passage of five major legislative tasks to protect small business owners and self-employed workers. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Moon Hyewon] Kim Imyong, Acting President of the Korea Federation of Micro Enterprises, said on the 4th ahead of ‘Small Business Day’ (the 5th), “I hope this will once again be an opportunity to pledge a new beginning.”

On the same day, Acting President Kim released a statement saying, “Every year, various events are held nationwide to commemorate Small Business Day, establishing it as a grand festival for small business owners across the country. However, this year, due to the COVID-19 pandemic, events have been canceled or postponed, and with strict quarantine measures in place, commemorative events are held only in some regions, making it impossible to suppress a lonely feeling like the sharply cold weather.”

He continued, “According to a survey by the Korea Federation of Micro Enterprises, 97% of small business owners complain of decreased sales due to the COVID-19 situation, and a bleak 72% responded that their business is either closed or they are considering closure. Now, it is not enough to say they are on the verge of collapse; the business foundation of small business owners is already completely crumbling.”

According to the ‘Basic Statistics on Small and Medium Enterprises’ announced by the Ministry of SMEs and Startups on the 28th of last month, about 6.2 million small business owners account for 93.3% of all business operators in Korea based on the number of business owners. The number of employees reaches about 8.96 million, accounting for 43.6% of the total.

Acting President Kim said, “It is urgent to enact the Small Business Welfare Act as follow-up legislation based on the Small Business Basic Act so that small business owners suffering from an unprecedented crisis can be properly incorporated into the social safety net and protected.” He urged the political sphere to respond, saying, “As citizens who have paid taxes and lived in this country, and as a class that forms one pillar of the Korean economy, this can be considered the minimum starting point to guarantee their right to survive.”

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