Lee Young "Delivery Unit Price Linkage System, Promoted Through Government Legislation"

Lee Young, Minister of SMEs and Startups

[Asia Economy Reporter Donghyun Choi] Lee Young, Minister of the Ministry of SMEs and Startups, announced on the 9th that the government will promote the delivery price linkage system through government legislation.

Minister Lee stated on his social media (SNS) on the same day, "The Organisation for Economic Co-operation and Development (OECD) has lowered our economic growth rate forecast to 2.7% this year and raised the inflation forecast to 4.8%," adding, "Growth is slowing down and prices are rising, giving the feeling that we are entering an economic deep freeze."

He continued, "The economic temperature felt by business owners must be even lower," and comforted the small and medium-sized enterprises (SMEs) sector by saying, "It is not easy to bear fixed costs, and with raw material prices and logistics costs rising together, it must be truly overwhelming."

Minister Lee also emphasized, "The cooperative relationship between large and small-medium enterprises has been the pillar and backbone of the Korean economy that enabled rapid growth in the past," adding, "If the backbone becomes crooked and collapses, it causes stenosis and nerve compression, eventually paralyzing the whole body. Similarly, the backbone of our economy, the large and small-medium enterprises, must stand upright together."

He explained, "The delivery price linkage system is a mechanism to share the burden on SMEs caused by rising raw material prices and to enable the joints of the backbone to move organically," and added, "Ensuring that the agreement allowing mutual consultation between suppliers and recipients on the burden caused by fluctuations in delivery prices is well observed is the minimum device for members of our economy to live and grow together."

Minister Lee stated, "Currently, the Ministry of SMEs and Startups is conducting research with the goal of pilot operation of the delivery price linkage system in the second half of the year," and announced, "As the competent ministry for the delivery price linkage system, the Ministry will also promote government legislation."

He added, "We will form the best team and design it precisely based on data," and concluded, "Just as we have overcome numerous crises in the past, I will innovate myself and go to the field to overcome the approaching economic deep freeze."

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