SME Industry: "President Moon Should Focus on Revitalizing SMEs... Need to Supplement Laws and Systems"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] On the 10th, the small and medium-sized enterprises (SMEs) sector urged President Moon Jae-in to "focus policy efforts on revitalizing SMEs, which are responsible for 83% of private sector jobs, during the remaining period of national administration."

The Korea Federation of SMEs issued a statement regarding President Moon's special speech on the 4th anniversary of his inauguration held at the Blue House that day, expressing this view.

They said, "We agree with the president's determination in the special speech to 'prepare for a faster and stronger economic rebound through proactive expansionary fiscal policy, bold consumption stimulation, and domestic demand boosting.'"

They also urged, "Please recognize the seriousness of the deepening polarization caused by the widening gap between large and small-medium enterprises and the digital information divide due to the COVID-19 pandemic, as well as the continuous decrease in quality jobs."

Furthermore, they requested, "Please supplement laws and systems by drastically easing various regulations that constrain businesses, such as the sharp minimum wage increase, the 52-hour workweek system, and the Serious Accident Punishment Act, to support SMEs, including those in the root industries facing labor shortages."

Finally, they stated, "The SME sector will strengthen its innovation capabilities so that the government's 'Korean New Deal' and '2050 Carbon Neutral Declaration' can become new opportunities for SMEs beyond the crisis, and will do its best to create jobs and contribute to the recovery of the national economy."

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