SME Sector: "Yoon Administration Must Improve Regulations to Revitalize Private Economy Dynamism"

[Asia Economy Reporter Kwak Min-jae] The small and medium-sized enterprise (SME) sector has requested the new government to improve excessive regulations that make it difficult for SMEs, in order to revive the dynamism of the private economy.

The Korea Federation of SMEs stated in a commentary on the 9th, "Excessive regulations such as the minimum wage, the 52-hour workweek system, and the Serious Accidents Punishment Act, which burden SMEs on the ground, must be improved."

The Federation added, "The Korean economy is facing a crisis of low growth and polarization," and "The new government must devote all its capabilities to reviving South Korea's stagnant growth engine and resolving severe polarization."

It continued, "An institutional foundation to resolve polarization, such as the establishment of a win-win committee, must be prepared to transform the economic structure into one where large corporations and SMEs grow together," and "The 6.88 million SMEs will also do their best as a core player of the Korean economy by creating good jobs internally through innovation and growth, and aiming to become global strong SMEs externally."

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