[Q&A] Kwon Chil-seung "Expecting Loan Maturity Extensions Considering Current Quarantine Situation"

Press Conference Held on the 1st Anniversary of the Appointment of the Minister of SMEs and Startups on the 10th

Kwon Chil-seung, Minister of SMEs and Startups, is holding a press conference commemorating the first anniversary of his inauguration on the 10th at the Seoul Government Complex in Jongno-gu, Seoul.

Minister Kwon Chil-seung of the Ministry of SMEs and Startups stated that he expects consideration of the current quarantine situation regarding the maturity of SME loans scheduled for the end of March.

On the 10th, Minister Kwon held a press conference at the Seoul Government Complex annex to mark his first anniversary in office and made these remarks. Regarding the Serious Accidents Punishment Act, he emphasized that it is important to closely observe how the law is applied in reality and to promptly amend it if any issues arise.

The following is a Q&A with Minister Kwon.

- What are your expectations regarding the extension of loan maturities for SMEs and small business owners?

▲ I understand that the Financial Services Commission is still reviewing the matter rather than making a final decision. I believe that active consideration should be given to extending maturities related to policy finance. The current quarantine measures are stricter than before. I also expect commercial banks to take this into account.

- What is the schedule for opening the used car market?

▲ I understand it will be announced by the end of March. The market is large, and there are many industrial aspects to consider. After reviewing the investigation report, I am not sure if a decision can be made in one meeting.

- What is your outlook on venture investment?

▲ I expect the venture investment market to perform well this year as well. Many systems have been changed. The recovery funds are growing. Both quantitatively and institutionally, improvements have been made, and I believe it will operate synergistically. I also expect the multiple voting rights system to be passed soon.

- What about the need to ease quarantine measures?

▲ Each country responds differently to Omicron. I think it is appropriate to move toward easing quarantine measures while closely observing the trends in countries that have lifted restrictions.

- Is there a need to supplement the Serious Accidents Punishment Act?

▲ There are both claims that the Serious Accidents Punishment Act needs to be supplemented and that it should be strengthened. Currently, it is important to carefully observe how the enacted law is applied in practice and to promptly amend it if problems arise or unforeseen cases occur.

- What is the direction regarding compensation for losses?

▲ Eliminating blind spots is the top priority. Many blind spots inevitably arise when a system is introduced. As the situation surpasses two years, larger companies tend to suffer greater damage. Consideration is necessary.

- Are you receiving opinions regarding the Direct Production Confirmation System?

▲ During the process of reaching a conclusion on the Direct Production Confirmation System, we listened to many opinions. There were many structural problems, which have been improved. Some may feel inconvenienced by the changes in the system. We will communicate well and persuade them.

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