Kwon Chil-seung "Actively Considering Loss Compensation System... Opening the Era of 2 Trillion KRW for SME R&D"

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Kwon Chil-seung, Democratic Party of Korea lawmaker

[Asia Economy Reporter Kim Bo-kyung] Kwon Chil-seung, nominee for Minister of SMEs and Startups (photo), stated on the 3rd that he will actively consider the introduction of a loss compensation system and strive to restore local commercial districts to their pre-COVID-19 state.

Nominee Kwon made these remarks during his opening statement at the confirmation hearing held by the National Assembly's Industry, Trade, and SMEs Committee that morning.

He said, "I will work to restore the management of small business owners and local commercial districts to the pre-COVID-19 state," and emphasized, "I will put my head together with the members of the Industry, Trade, and SMEs Committee to actively consider the introduction of a loss compensation system for the recovery of small business owners' management."

Nominee Kwon also mentioned that he will strive to revitalize local commercial districts by enacting the 'Local Commercial District Act' and promoting commercial district projects to stabilize the management of small business owners. He added, "Efforts to reduce the burden of business closures for small business owners and to support their swift recovery will also be carried out simultaneously."

He expressed his intention to foster the non-face-to-face industry sector by enacting the 'Non-Face-to-Face SMEs Promotion Act.' He conveyed his ambition to expand venture investments based on the Smart Korea Fund and to usher in an era of 2 trillion won in R&D for SMEs.

Additionally, he announced plans to promote ▲ new designations of regulatory free zones ▲ expansion of regional new deal venture funds ▲ three major projects for manufacturing plant innovation. He also expressed his will to create synergy through cooperation among global startups, platform companies, small business owners, and large and medium-sized enterprises and SMEs.

Nominee Kwon mentioned that despite the COVID-19 crisis, the Korean economy is achieving a rapid recovery centered on SMEs and startups, evaluating that "last year, SME exports maintained almost the same level as the previous year despite declines in the performance of large and medium-sized enterprises."

He explained, "The reason SME exports performed well was due to the export surge of K-quarantine products centered on SMEs, promising items in the non-face-to-face home economy sector, and the rapid increase in online exports."

As a member of the Democratic Party of Korea, nominee Kwon emphasized that he has proposed numerous bills to support and protect SMEs and small business owners during his four years as a member of the Industry, Trade, and SMEs Committee since 2016.

In conclusion, he said, "I will prioritize communication with SMEs and small business owners to ensure that policies are implemented smoothly on the ground," and added, "I will strive to make the Ministry of SMEs and Startups one that visits SME sites and empathizes with the voices of small business owners through communication."

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