Ministry of SMEs Establishes 'Women Entrepreneurs Week'...Promotes Awareness Improvement and Conducts Survey

The Amendment to the 'Women Entrepreneurs Support Act' Passed the Cabinet Meeting... Effective on the 21st

On the 7th, at the Government Seoul Office in Jongno-gu, Seoul, Jeon Hyun-hee, Chairperson of the Anti-Corruption and Civil Rights Commission, is taking a commemorative photo with female venture business representatives including Park Joo-bong, Small and Medium Business Ombudsman, and Kim Boon-hee, President of the Korea Women Venture Association, during a meeting to resolve difficulties and improve regulations for female venture companies. Photo by Small and Medium Business Ombudsman

[Asia Economy Reporter Kim Heeyoon] For the first time, a Women’s Enterprise Week will be established to boost the pride of women entrepreneurs and improve public awareness of women-owned businesses.

On the 12th, the Ministry of SMEs and Startups announced that the amendment to the "Act on Support for Women-Owned Businesses" (Women’s Enterprise Act), which includes the designation of Women’s Enterprise Week, has passed the Cabinet meeting.

The amendment will be promulgated on the 19th and take effect six months later. Its main provisions include establishing a legal basis for projects aimed at improving public awareness of women-owned businesses and designating one week per year as Women’s Enterprise Week.

As of 2018, out of approximately 6.64 million SMEs in South Korea, 2.66 million (about 40%) are women-owned SMEs. Last year, women-founded startups accounted for 690,000 out of 1.48 million total startups, representing 46.8%. From 2016 to last year, the average annual growth rate of women’s technology startups was 7.7%, which is faster than that of men (2.8%), according to the Ministry of SMEs and Startups.

Through the amendment of the Women’s Enterprise Act, the Ministry of SMEs and Startups will be able to designate Women’s Enterprise Week and implement specific projects to improve public awareness of women-owned businesses.

Women’s Enterprise Week is scheduled to be designated as the second week of July each year (as requested by the Korea Women Entrepreneurs Association) through a revision of the enforcement decree within six months after the amendment is promulgated. Separately, the enforcement decree of the Women’s Enterprise Act, which mandates an annual survey on the status of women-owned businesses, will take effect from the 21st.

Kim Heechun, Director of SME Policy at the Ministry of SMEs and Startups, said, "Through the Women’s Enterprise Week events, we will be able to encourage and recognize women entrepreneurs who have contributed to economic development and raise awareness of women-owned businesses. With the revision of the enforcement decree, conducting an annual survey on women-owned businesses will help identify their difficulties and ensure timely policy responses."

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