"President-elect Yoon to Establish Large-Small Business Win-Win Committee... Hopes to Lay Foundation for Resolving Polarization"

SME Sector Expresses Opinions to President-Elect
"Improve the 52-Hour Workweek System, Supplement the Serious Accident Punishment Act"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] The small and medium-sized enterprises (SME) sector expressed hopes that President-elect Yoon Seok-yeol will establish an institutional foundation to resolve the polarization between large and small-to-medium enterprises.

The Korea Federation of SMEs stated on the 10th, "We sincerely congratulate Yoon Seok-yeol, the People Power Party candidate, on his victory in the 20th presidential election," adding, "There are high expectations for a new Republic of Korea built on fairness and common sense."

They continued, "In the past, the Korean economy's growth strategy centered on large corporations deepened the polarization between large and small-to-medium enterprises," emphasizing, "0.3% of large corporations account for 57% of total operating profits, while 99% of SMEs only account for 25%, reflecting an unfair and irrational economic structure that must be corrected."

They also noted, "President-elect Yoon Seok-yeol has presented a practical policy vision for SMEs based on his understanding of the Korean economy and the realities faced by SMEs."

In particular, they said, "He has pledged three times to establish a presidential-level Win-Win Committee to resolve the polarization between large and small-to-medium enterprises and to appoint a symbolic figure from the SME sector as its chairman," predicting, "This will serve as an institutional foundation for establishing a culture of coexistence and resolving polarization between large and small-to-medium enterprises."

They also hoped that SME policy pledges such as the 52-hour workweek, minimum wage improvements, and supplementation of the Serious Accident Punishment Act would be carried forward as national agenda items, ushering in an era of growth for 6.88 million SMEs.

Finally, they stated, "The SME sector will also become a key national partner in opening a happy economic era full of good jobs by overcoming the COVID-19 crisis through continuous innovation and growth."

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