Mid-sized Ombudsman Collaborates with KDB Chairman Dong-geol Lee to Drive Regulatory Innovation for Mid-sized Companies

Discussion on Current Issues and Challenges with Representatives of 9 Mid-sized Companies

Jubong Park, Small and Medium Business Ombudsman. / Photo by Dongju Yoon doso7@

[Asia Economy Reporter Kim Heeyoon] Park Joobong, Small and Medium Business Ombudsman, announced on the 6th that he held a "Regulatory Innovation Meeting for Promoting the Growth of Mid-sized Enterprises" at the Seoul Yeongdeungpo Industrial Bank headquarters together with Lee Donggeol, President of Korea Industrial Bank, and Kang Hogap, Chairman of the Korea Federation of Mid-sized Enterprises.

This meeting was organized to directly hear the voices regarding the current issues faced by mid-sized enterprises struggling due to the prolonged COVID-19 pandemic, and to discuss various solutions including regulatory innovation, financial support, and tax reform. Nine companies, including Seoul Cable and SM Group, attended representing the mid-sized enterprise sector. Officials from related government departments such as the Financial Services Commission and the Fair Trade Commission also participated to listen to the difficulties and requests of the companies.

On this day, companies proposed financial and tax support measures such as △expanding government credit guarantee institution support for mid-sized enterprises, △relaxing employment retention requirements for corporate inheritance deductions, and △additional financial support considering the prolonged COVID-19 situation. Additionally, they requested regulatory innovations including △easing the foreign worker employment permit system for mid-sized enterprises, △resolving overlapping issues among ministries regarding chemical facility permits, and △realizing standard construction costs for public rental housing.

Kang Hogap, Chairman of the Korea Federation of Mid-sized Enterprises, said, “Please listen carefully to the voices from the mid-sized enterprise field, break the chains of regulations that constrain companies, and strive to create a creative industrial ecosystem that fosters entrepreneurial spirit.”

Lee Donggeol, President of Korea Industrial Bank, stated, “We are working on institutional improvements to ensure that small and mid-sized enterprises struggling due to COVID-19 do not face difficulties when receiving policy financial support, and we will actively serve as a government liaison to resolve administrative regulatory issues faced by our bank clients.”

Ombudsman Park Joobong said, “We are well aware that mid-sized enterprises, which play a pivotal role connecting large and small companies, are currently facing great difficulties due to COVID-19 and other factors. Since we empathize with many of the industry’s positions, we will continue to consult with related ministries and especially strive to promptly improve unreasonable regulations such as those concerning chemical facility permits.”

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