Candidate Kwon Chil-seung: "Compensation for Losses, the 4th Disaster Relief Fund Method Is the Fastest Way"

3-Day Hearing for Minister of SMEs and Startups Nominee
Emphasis on Practical Support Over Procedures and Methods
"Must Do It by All Means Necessary"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] Kwon Chil-seung, nominee for Minister of SMEs and Startups (photo), said on the 3rd that regarding the loss compensation system for small business owners and self-employed individuals, the fastest way might be to provide the 4th disaster relief fund through the supplementary budget. He also expressed the opinion that the process and method should not be overly focused on, stating, "The legislative procedure will take a considerable amount of time."

Nominee Kwon made these remarks in response to a question from Lee Ju-hwan, a member of the People Power Party, during the confirmation hearing held by the National Assembly’s Industry, Trade, Energy, SMEs and Startups Committee that morning.

Kwon said, "We need to find the method that is most helpful to those experiencing difficulties," adding, "The procedures and methods will be extremely complicated. We should not be too fixated on that."

When Lee asked, "Are you saying that rapid support is needed rather than legal amendments?" Kwon emphasized, "I believe it must be done by any means necessary."

Furthermore, Kwon stated, "I think it will take time for the legislative process to establish the legal framework for loss compensation," and added, "If we use the 4th disaster relief fund method, a supplementary budget is required. That might be the fastest way."

He continued, "I personally think we need to reconsider the methods we have used so far to ensure swift and rapid payment."

Regarding the retroactive application demanded by the small business sector, he said, "Without legislation, implementation is impossible," and noted, "There are various methods in foreign cases. There is no globally agreed-upon method."

He reiterated, "We need to find a way that can provide practical help to small business owners and the self-employed, rather than focusing on justification or procedures."

In response to a question from Kang Hoon-sik, a member of the Democratic Party of Korea, about the loss compensation system, Kwon stated, "A system is needed where the entire community can deliberate, reach consensus, and execute swiftly."

He added, "We cannot ignore the limitations of the budget, and realistically, the losses vary. No matter how precisely it is designed, there will inevitably be blind spots," acknowledging the limitations.

When Kang asked, "Does this mean that the National Assembly will try to reach the maximum consensus, and if you become minister, you will take the lead in execution?" Kwon replied, "Yes, that is correct."

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