Korea Federation of SMEs Launches 'SME Regulatory Innovation Task Force'

Kim Ki-moon, President of the Korea Federation of SMEs
Photo by Yonhap News

[Asia Economy Reporter Donghyun Choi] The Korea Federation of Small and Medium Business (KSMB) announced on the 15th that it has launched the 'SME Regulatory Reform Task Force (TF)' to systematically identify and resolve regulatory reform tasks aimed at revitalizing corporate activity and investment for small and medium enterprises and small business owners.

Following President Yoon Seok-yeol's statement the previous day that "regulatory reform is national growth," and his decision to promptly activate the new government's regulatory innovation system, including the Regulatory Innovation Strategy Meeting, the KSMB plans to actively respond by quickly removing the burdens holding back SMEs.

The main tasks of the TF include ▲ operating a reception desk for SME-related regulations and difficulties ▲ identifying regulations and difficulties by sector such as administration, certification, environment, labor, and new technologies ▲ promoting improvement of bundled regulations through the formation of a task pool.

For efficient operation, the TF team leader will be the full-time director and head of the Economic Policy Headquarters, with policy department heads such as the Director of Policy Coordination, Director of Manufacturing Innovation, Director of Human Resources Policy, and Director of Association Policy participating as team members.

Kim Ki-moon, Chairman of the KSMB, stated, "The world is rapidly changing, but the system is not keeping up with reality, causing companies to hesitate in investment and employment," adding, "We hope to create an environment where entrepreneurs can work enthusiastically through improvements in various regulations including labor, environment, and safety regulations such as the 52-hour workweek system and the Serious Accident Punishment Act, as well as technical certifications."

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