Lee Young: "Focus on Full Compensation for Losses Without Being Bound by 50 Trillion... Consultations with Financial Authorities"

Lee Young, Nominee for Minister of SMEs and Startups, Prepares for Confirmation Hearing on Way to Work
"Small Business Owners and Self-Employed Recovery Is Top Priority"
"If Proceeding as Planned, Economic Shock Concerns Arise"

[Image source=Yonhap News]

[Asia Economy Reporters Kim Bo-kyung, Kwak Min-jae] Lee Young, the nominee for Minister of SMEs and Startups, stated, "As the COVID-19 pandemic has prolonged, small business owners and self-employed individuals have endured significant pain and sacrifice," adding, "I think the primary focus should be on supporting them."

On the morning of the 18th, Lee met with reporters in front of a building in Yeouido, Seoul, where his confirmation hearing preparation office is located, and said, "The Special Emergency Response Committee on COVID-19 within the Transition Committee received reports from relevant ministries regarding the estimated amount and recipients of loss compensation, and a certain direction has been established."

He added, "Once the final decision is made within the Transition Committee, we plan to consult with the financial authorities to proceed promptly."

Lee said, "Given the unfavorable domestic and international economic conditions, including rising prices, there was a discussion within the Transition Committee that it is not necessary to be bound by the 50 trillion won figure," and continued, "If the original plan proceeds, economic shocks could occur. We are adjusting the scope to ensure as full compensation as possible while minimizing economic shocks."

Regarding the possibility of narrowing the scope of loss compensation payments and selective distribution, he responded, "We have not yet put a final period on this," adding, "Once reports from related ministries are concluded and consensus is formed, a decision will be made."

[Image source=Yonhap News]

Regarding his past experience, Lee said, "When I served as the president of the Women’s Venture Association, Choi Seung-jae, a member of the People Power Party, was the president of the Small Business Association," and added, "Since then, I have always worked closely on matters related to small business owners."

He continued, "I believe that any shortcomings can be addressed through consultations with lawmakers and external parties," and expressed his conviction, saying, "In terms of will and empathy, I hold stronger beliefs than anyone else."

On the matter of disposing of his 2 billion won worth of unlisted company stocks, Lee stated, "If I pass through all the (confirmation hearing) processes, I believe I must comply with the legal requirements," and added, "I have made that decision firmly."

It was reported that President-elect Yoon Seok-yeol urged Lee, saying, "The Ministry of SMEs and Startups must play an important role in the future of the Republic of Korea, so I hope you will serve with conviction."

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