Kwon Chil-seung, "Will Expedite Legislation of Loss Compensation Measures"

Meeting with the Small Business Federation Chairpersons, Request to "Serve as a Communication Channel"

Minister Kwon Chil-seung of the Ministry of SMEs and Startups is taking a commemorative photo after holding an on-site meeting with about 10 chairpersons of the Korea Federation of Micro Enterprise on the 26th at the Forest Vision Center in Yeouido, Seoul. Minister Kwon is the fifth from the left in the photo, and to his right is Kim Im-yong, acting president of the Korea Federation of Micro Enterprise. Photo by Korea Federation of Micro Enterprise

[Asia Economy Reporter Kim Jong-hwa] Kwon Chil-seung, Minister of SMEs and Startups, stated on the 26th, "The government will promptly legislate the loss compensation plan as promised," adding, "Before that, we will provide robust and extensive support to small business owners through the 4th disaster relief fund."

Minister Kwon made these remarks during an on-site meeting with about 10 chairpersons of the Korea Federation of Small and Medium Business (acting president Kim Im-yong) at the Forest Vision Center in Yeouido, Seoul, encouraging the attendees by saying, "Although we face challenges such as the infectious disease outbreak and the digital transformation, the current difficulties can surely be overcome through everyone's efforts."

This meeting was the first encounter between Minister Kwon and the Korea Federation of Small and Medium Business since his appointment, arranged to comfort small business owners suffering from the prolonged COVID-19 pandemic and to reaffirm the government's firm support commitment.

Minister Kwon emphasized, "Our top policy priority this year is to support the recovery of small business owners affected by COVID-19 while steadily promoting digital transformation in preparation for the post-COVID era," adding, "The government will promptly legislate the loss compensation plan as promised, and before that, provide robust and extensive support through the 4th disaster relief fund."

He also stated, "We are recommending to the quarantine authorities to move away from business suspension-type quarantine measures and transition to a distancing system based on autonomy and responsibility," urging, "Since the cooperation of small business owners is more crucial than ever, we ask the Korea Federation of Small and Medium Business to fully play its role as a communication channel and partner with the government."

During the meeting, the small business sector raised about 15 on-site difficulties and suggestions, and active discussions took place among attendees, including responses from the Ministry of SMEs and Startups. The ministry plans to consult with related ministries to reflect the discussed matters in future policies and continue to discover support policies and resolve difficulties through active communication with the small business sector.

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