Ministry of SMEs and Startups Launches Policy Support for Women Entrepreneurs

Revision of the Women Entrepreneurs Act Passed by the National Assembly Plenary Session
Legal Basis Established for Entrepreneurship Education and Support for Cooperation and Organization Among Women Entrepreneurs

[Asia Economy Reporter Kim Heeyoon] The Ministry of SMEs and Startups announced on the 19th that the amended "Act on Support for Women Entrepreneurs" (hereinafter referred to as the Women Entrepreneurs Act), which stipulates specific support measures such as entrepreneurship education to enhance the management capabilities of women business owners, has passed the plenary session of the National Assembly.

Domestic women-owned businesses rank low internationally in activity indicators such as the Female Entrepreneurship Index (FEI) and the Most Innovative Women Entrepreneurs Index (MIWE).

Previously, the support regulations for improving the management capabilities of women entrepreneurs, established when the Women Entrepreneurs Act was enacted in 1999, existed only declaratively without specific content, lacking a solid basis for policy implementation.

Through this amendment, the Ministry of SMEs and Startups explained that by legally stipulating specific support measures such as entrepreneurship education and digital competency enhancement training, which women entrepreneurs have requested, a driving force for policy implementation has been established.

In particular, this amendment specifies that the Ministry of SMEs and Startups will support ▲ entrepreneurship education ▲ cooperation and organization among women entrepreneurs ▲ improvement of the business environment and competitiveness of women business owners to strengthen their management capabilities.

As the non-face-to-face digital economy emerges as a new economic model, a legal basis has also been established for education and guidance projects related to smart factories, non-face-to-face production, distribution, and sales for women entrepreneurs.

The Ministry of SMEs and Startups plans to prepare a comprehensive support plan to enhance the competitiveness of women entrepreneurs, including entrepreneurship education, in cooperation with organizations such as the Korea Federation of Women Entrepreneurs.

Jo Kyungwon, Director of Policy Coordination at the Ministry of SMEs and Startups, said, "Now that a legal basis for improving the management capabilities of women entrepreneurs has been established, we will promptly prepare specific support measures and strive to strengthen the competitiveness of women-owned businesses."

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