Kim Ki-moon Meets Yoon: "52-Hour Workweek and Serious Accident Act... Regulations Can't Keep Up with Reality, Frustrating"

'Small and Medium Business Conference' Held with President Yoon Attending
"Government Must Boldly Ease Regulations to Increase Innovative Companies"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] "The world is rapidly changing, but the system fails to keep up with reality, which is truly frustrating. Labor regulations such as the 52-hour workweek and the Serious Accidents Punishment Act are prime examples."

Kim Ki-moon, Chairman of the Korea Federation of SMEs, attended the '2022 Small and Medium Businesspersons Convention' held on the lawn plaza in front of the Presidential Office in Yongsan-gu, Seoul on the 25th, emphasizing "growth through innovation."

The event was attended by President Yoon Suk-yeol, major heads of small and venture business organizations, and the heads of the five major conglomerates including Samsung and SK, who pledged fairness and coexistence. This year marks the 33rd Small and Medium Businesspersons Convention, and this event was the first held at the Presidential Office since the new government took office.

In his opening remarks, Chairman Kim said, "To overcome the current crisis, we must grow through innovation and create an economic structure that fairly distributes the rewards."

He also appealed, "As business succession becomes difficult, companies are aging and their innovation momentum is declining. It is urgent for our country to realize a business succession system like Japan’s."

He added, "The current government must boldly ease regulations to create many young and innovative companies."

Furthermore, Chairman Kim stated, "Sharing performance and reducing the gap between large and small-medium enterprises will enable SMEs to secure talent and invest in research and development (R&D) to grow together. The best solution to this problem is voluntary coexistence in the private sector."

He continued, "The 'Fairness and Coexistence Mutual Growth Agreement Ceremony' held today with the heads of the five major groups is a meaningful pledge," and expressed hope that "the agreement will be well implemented and become a cornerstone for large and small-medium enterprises to grow together."

Finally, he pledged, "SMEs will also continuously innovate to become global specialized companies leading freedom and the market economy."

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