The Scope of Women-Owned Businesses Expands... Including Non-Profit Cooperatives and More

[Asia Economy Reporter Donghyun Choi] The scope of women-owned businesses will be expanded in the future to promote women's participation in economic activities across various fields.

The Ministry of SMEs and Startups announced that the amendment to the "Enforcement Decree of the Act on Support for Women-Owned Businesses," which includes this content, passed the Cabinet meeting on the 12th.

The key point of this amendment is to include social cooperatives and consumer cooperatives within the scope of women-owned businesses. It also includes a plan to designate the first week of July every year as Women-Owned Business Week.

Under the current Enforcement Decree of the Women-Owned Business Act, cooperatives are included in the scope of women-owned businesses, but nonprofit social cooperatives and consumer cooperatives were not covered. Since 2016, the Framework Act on Small and Medium Enterprises has recognized social cooperatives as SMEs, raising ongoing concerns about fairness and the need for amendments. A Ministry of SMEs and Startups official explained, "This amendment is expected to promote women's participation in economic activities," adding, "Related cooperative organizations have also expressed their welcome for this enforcement decree amendment."

Additionally, as a follow-up measure to the amendment of the Women-Owned Business Act promulgated on October 19 last year, Women-Owned Business Week will be designated as the first week of July. The first Women-Owned Business Week event this year will include commemorative events, awards for meritorious persons, and awareness improvement promotions.

Kim Heecheon, Director of SME Policy at the Ministry of SMEs and Startups, stated, "During the Women-Owned Business Week events, we plan to encourage and reward women entrepreneurs who have contributed to economic development and enhance the perception of women-owned businesses to boost the pride of women entrepreneurs." He added, "Since this is the first event, we will cooperate with related organizations to successfully hold the event and support the elevation of the status of women-owned businesses to the next level."

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