Lee Young Appointed as First Minister of SMEs under Yoon Government... Ministry of SMEs Relieved Amid Concerns of Department Dissolution

Minister of SMEs from a Small Business Background

Lee Young, Nominee for Minister of SMEs and Startups

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (MSS), which was at risk of being dismantled amid government reorganization concerns, is now relieved as Lee Young, a member of the People Power Party, has been nominated as the first minister candidate of the Yoon Suk-yeol administration launching this May. In particular, expectations are high that Lee, who is a small business owner with experience as the CEO of Terten, a venture company in the security sector, and former president of the Korea Women Venture Association, will have a good understanding of industry issues.

On the 13th, President-elect Yoon Suk-yeol selected Lee as the MSS minister candidate and announced it in the second cabinet lineup on the same day. According to President-elect Yoon, "He is a venture entrepreneur who nurtured a startup into a strong company and has been actively engaged in legislative activities to foster SMEs and venture companies in the National Assembly."

President-elect Yoon further explained the background of the appointment, stating, "I judged that he is the right person to support the further leap and growth of SMEs and startups, which are the backbone of our economy and jobs."

The MSS, which had been rumored to be dismantled amid government reorganization, is now relieved following the announcement of Lee Young, a small business owner, as the minister candidate. Until now, there had been speculation within government circles that the SME sector would be transferred to the Ministry of Trade, Industry and Energy, ventures and startups to the Ministry of Science and ICT, and that a separate agency would be created for small merchants. In response, the Ministry of SMEs and Startups Public Officials Labor Union stated, "The government reorganization should realize the constitutional value of protecting and fostering SMEs."

However, with this appointment announcement, there is growing confidence in the expectation that the MSS will take charge of implementing the 'SME policy vision' promised by President-elect Yoon during the presidential campaign, including continuous growth support for SMEs and improvement of the delivery price system. In particular, the SME sector is placing hopes on Lee as he is a small business owner himself.

Since becoming a member of the National Assembly, Lee has shown interest in expanding the base of the venture investment market and activating investments in venture companies and early-stage startups. For example, his first bill was the 'Partial Amendment to the Restriction of Special Taxation Act,' which was passed and extended the income deduction and capital gains tax exemption for angel investments, which were set to expire at the end of 2020, by two years. At that time, he emphasized, "I will continue to strive to create a sound venture investment ecosystem, including revitalizing angel investments, to provide a much-needed boost to venture companies struggling due to the COVID-19 economic crisis."

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