[New Year's Address] Kim Ki-moon, President of the Korea Federation of SMEs, "Will Block New Regulatory Legislation and Reform Existing Regulations"

Serious Accident Punishment Act Suppresses Entrepreneurship... Need to Supplement the 52-Hour Workweek System

Kim Ki-moon, President of the Korea Federation of Small and Medium Business.

[Asia Economy Reporter Kim Heeyoon] Kim Gimuon, Chairman of the Korea Federation of Small and Medium Business, stated in his 2021 New Year's address on the 30th, "As we welcome the new year amid an uncertain business environment, I believe small and medium enterprises (SMEs) and small business owners have many concerns. We will focus our policy capabilities on overcoming the current crisis, reviving the entrepreneurial spirit of SMEs, and promoting investment expansion and quality job creation in preparation for the post-COVID era."

Chairman Kim said, "To this end, above all, we must block new regulatory legislation and reform existing regulations," adding, "Regarding the Serious Accident Punishment Act, we will unite efforts to ensure that at least SME representatives can continue their business activities, and we will prepare additional measures considering the unique characteristics of industries under the 52-hour workweek system."

He further emphasized that regulations must be eased to achieve job creation and investment expansion. He explained, "Above all, we must block new regulatory legislation and reform existing regulations. Regarding the Serious Accident Punishment Act, we will unite efforts to ensure that at least SME representatives can continue their business activities, and we will prepare additional measures considering the unique characteristics of industries under the 52-hour workweek system."

Chairman Kim stressed, "We will support the digitalization and collaboration of SMEs and small business owners, assist SME cooperatives in actively participating in government policy projects, and strive to expand the permissible scope of joint sales activities by SME cooperatives."

He also mentioned the importance of establishing a win-win cooperation ecosystem between large corporations and SMEs and ensuring a fair trade order. He said, "Through establishing dialogue channels with major conglomerate heads, we will foster a culture of private-sector win-win cooperation ecosystems, and the Korea Federation of Small and Medium Business will directly negotiate delivery price adjustments so that SMEs receive fair compensation proportional to their efforts. We will also work to improve the corporate succession system so that many prestigious long-established companies can emerge."

Chairman Kim urged, "We have experience in exemplary overcoming the IMF foreign exchange crisis and the global financial crisis and finding new opportunities. I hope that with solidarity, cooperation, and confidence in our capabilities, SMEs and small business owners will fulfill their respective roles."

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