Sogongyeon Requests "Establishment of Dedicated Vice Minister for Small Business and Presidential Special Committee"

"Small Business Capacity Building Workshop" Held on 29-30
"Overcoming the COVID Crisis and Strengthening Small Business Policies"
New Government Proposal Announced Including Amendment of the Loss Compensation Act

[Asia Economy Reporter Kim Bo-kyung] The small business sector has proposed to the new government the establishment of a dedicated Vice Minister for Small Businesses within the Ministry of SMEs and Startups and the formation of a Presidential Special Committee for Small Businesses.

The Korea Federation of Small and Medium Business held the 'Small Business Capacity Building Workshop' from the 29th for a 1-night, 2-day schedule at Cheongpung Resort in Jecheon, Chungbuk. Over 280 local small business representatives nationwide completed training on digital transformation, administrative and accounting practical skills, and took the time to strengthen their capabilities as local small business experts.

In his opening remarks, Oh Se-hee, Chairman of the Korea Federation of Small and Medium Business, emphasized, "We will play a leading role in overcoming the small business crisis through performance-centered innovation and communication."

Jo Bong-hwan, President of the Small Enterprise and Market Service, stated, "We will continue to cooperate with the Federation to systematically implement appropriate support measures befitting the status of small businesses."

On this day, participants adopted a proposal stating that overcoming the COVID-19 crisis and strengthening small business policies should be the new government's top priority.

First, they requested the revision of the Loss Compensation Act, urging, "Please strongly promote full loss compensation as the top national agenda." They also proposed preparing continuous financial support measures such as debt restructuring and establishing a Small Business Policy Research Institute and a Comprehensive Support Center to build a foundation for enhancing competitiveness.

Additionally, they demanded an organizational restructuring of the Ministry of SMEs and Startups to strengthen small business policies. They proposed the creation of a dedicated Vice Minister for Small Businesses within the ministry and the establishment of a Presidential Special Committee for Small Businesses to develop integrated small business measures.

Finally, they stated, "Please prevent the monopoly structure of alley markets by online big tech companies and work to protect and foster small businesses," expressing hope that "the new government will create a new turning point for overcoming COVID-19 damage and the re-advancement of small businesses."

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