Ministry of SMEs and Startups Holds 'Small Business Policy Sharing Council' Meeting

Minister Lee Young Discusses Policy Directions with Representatives of Small Business Associations and Organizations

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[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Lee Young, hereinafter referred to as the Ministry) announced on the 14th that it held a 'Small Business Policy Sharing Council' with the heads of five representative small business associations at the Ministry's Sejong office.

This council was organized as a public-private communication forum to share the government's policy directions and policy proposals from small business associations, and to discover and publicize policy agendas through discussion.

Minister Lee Young of the Ministry said in his opening remarks, "It is the Ministry's mission in this era to support small businesses in overcoming crises and making a leap forward amid difficult circumstances such as the COVID-19 pandemic and recent interest rate hikes," adding, "To this end, we will promptly implement measures taken so far for damage recovery, such as loss compensation funds, and consider additional measures such as re-startup and re-employment together with the industry, and we will create successful models of digital small businesses and entrepreneurial small businesses within this year so that small businesses can grow further in line with the post-COVID era."

Oh Se-hee, President of the Korea Federation of Small Businesses, proposed measures for damage recovery and revival from COVID-19, differential application of minimum wage by industry and region, and flexibility in working hours by allowing additional extended work hours upon labor-management agreement. Jung Dong-sik, President of the National Merchants Federation, suggested the need to establish an environment for traditional market shopping, and Jeon Kang-sik, President of the Korea Foodservice Industry Association, requested financial support measures such as debt adjustment for small businesses and the implementation of customized specialized education by industry through private associations. Also, Jung Hyun-sik, President of the Korea Franchise Industry Association, proposed policies for intellectual property creation and protection for small and medium franchises and support for global market entry, while Song Yoo-kyung, President of the Korea Supermarket Cooperative Federation, suggested the need to build an integrated nationwide computerized network linking 35 small and medium distribution joint wholesale logistics centers to strengthen the competitiveness of small and medium distribution companies.

Considering the difficult business environment conditions for small businesses, the Ministry plans to publicize issues such as minimum wage and the Serious Accidents Punishment Act, and reflect policy proposals for the growth and development of small businesses in the 'Measures to Strengthen the Competitiveness of Small Businesses and Self-Employed' to be announced in July this year.

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