"Compensation System Should Include Small Businesses Such as Travel Industry Affected by COVID-19"

Kim Ki-moon, President of the Korea Federation of SMEs. / Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kim Bo-kyung] Kim Ki-moon, Chairman of the Korea Federation of Small and Medium Business (Kbiz), proposed on the 17th to include not only small business owners but also small enterprises in special employment support sectors severely hit by COVID-19, such as the travel industry and exhibition agency business, in the loss compensation system.

Chairman Kim made these remarks during a meeting with Minister Kwon Chil-seung of the Ministry of SMEs and Startups held in the afternoon at the Kbiz headquarters in Yeouido, Seoul.

The meeting was attended by about 20 representatives from the SME sector, including Chairman Kim, Kwon Hyuk-hong, Chairman of the Korea Paper Industry Cooperative, and Bae Jo-ung, Chairman of the Korea Ready-Mixed Concrete Industry Cooperative Federation.

Minister Kwon Chil-seung of the Ministry of SMEs and Startups. / Photo by Yoon Dong-ju doso7@

From the government side, Park Joo-bong, SME Ombudsman; Lee Jun-hee, Director of Planning and Coordination; Byun Tae-seop, Director of SME Policy; Cha Jeong-hoon, Director of Startup and Venture Innovation; and Jo Joo-hyun, Director of Small Business Policy, were present.

Chairman Kim stated, "Although there is no definitive answer yet on how to support the loss compensation system currently under discussion by the government and the National Assembly, it might be reasonable to refer to the decrease in sales as a support criterion."

He also urged Minister Kwon to play a role in resolving conflicts between large and small-medium enterprises and fostering a culture of coexistence.

Chairman Kim emphasized, "Discussions on the profit-sharing system are actively underway in the political sphere. A fair society should be created where small and medium enterprises and small business owners can receive rewards fairly and in proportion to their efforts."

He further stated, "Solutions are needed for the 'New Economy Three No's' issues, including unfair transactions between large and small-medium enterprises in the subcontracting structure, market imbalances between online and offline distribution and small business owners, and institutional irrationalities in the procurement market."

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