Minister Lee Young: "Focusing on Four Major Projects in the Second Half, Including Strengthening Korea-US SME Cooperation"

Lee Young, Minister of SMEs and Startups, held a press briefing on the 20th at the Korea Federation of SMEs in Yeouido, Seoul, and announced the "New Government Core and Priority Task Implementation Plan."

[Asia Economy Reporter Donghyun Choi] Lee Young, Minister of the Ministry of SMEs and Startups, announced four major projects to be focused on in the second half of this year on the 20th. The plan is to concentrate core competencies so that Korea can enter the global top 3 in line with the Fourth Industrial Revolution and the digital economy era.

Promotion of Venture·Startup 3.0 Win-Win Model

On the day, Minister Lee held a press conference at the Korea Federation of SMEs in Yeouido, Seoul, and announced the 'New Government Core and Priority Task Implementation Plan.' The four major projects that the Ministry of SMEs and Startups will focus on in the second half of this year are ▲Promotion of Venture·Startup 3.0 Win-Win Model ▲Expansion of Korea-US Cooperation in SMEs and Startups ▲Hosting of the Korea Together Sale ▲Introduction of the Delivery Price Linkage System.

First, the Ministry plans to hold a 'Venture·Startup 3.0' proclamation ceremony within the second half of this year. As big tech and platforms have emerged as social conflict agents threatening small business owners during the growth process of venture companies, the intention is to show a win-win model different from existing large corporations going forward.

As part of this, a social contribution portal for venture companies will be established. It will support private companies by gathering their ongoing social contribution activities in one place to facilitate information acquisition and application.

The Ministry will also discover win-win business models where ventures and startups plan service models using data, and small business owners provide practical services.

Minister Lee said, "The proclamation ceremony means that big tech and platform companies will no longer remain as predatory agents causing conflicts domestically," adding, "We will create a happy Korea by conducting social contribution programs and collaboration programs with them."

Expansion of Korea-US Cooperation in SMEs and Startups

With the elevation of the Korea-US relationship to an economic security alliance, strong unity is required in the SME and startup sectors of both countries. Accordingly, the Ministry plans to focus on connecting and expanding the startup ecosystems of both countries.

The Ministry plans to hold the 'Startup Grand Summit' in New York, USA, in the second half of this year. The event is expected to be a startup festival where startups, venture investors, and large corporations fostering startups from both countries gather to discuss joint cooperation and investment.

A large-scale win-win fair between large and small-medium enterprises will also be held. It is expected to be a Hallyu and consumer goods fair where distribution and cultural content large corporations cooperate with consumer goods SMEs to create an event that locals can enjoy and consume. Additionally, a Korea-US women entrepreneurs exchange and cooperation network formation ceremony will be held to promote economic and friendly relations between the two countries.

Minister Lee said, "It will be a meaningful event showcasing Korea's status, strength, technology, and economic potential in the heart of the United States," and added, "It will be a place where big tech startups and investors from both countries gather to discover joint cooperation tasks and discuss investments."

'2022 Korea Together Sale' to be Held

Recently, concerns about economic recession and consumption contraction have increased due to the three highs (high inflation, high interest rates, and high exchange rates). Accordingly, the Ministry plans to hold the '2022 Together Sale' from September 1 to 7 as a turning point to shift corporate and consumer sentiment and become a new vitality for daily life and the economy.

During the Together Sale, a large-scale online special sale will be conducted to encourage more participation from SMEs and small business owners.

The event is planned as a nationwide daily recovery festival combined with culture, tourism, and leisure, linking local governments, regional festivals, and local specialties to create a nationwide consumption boom.

Minister Lee said, "It will be developed as a win-win cooperation cultural movement where not only distributors but also large corporations and ventures, our economic actors, share their intentions," adding, "It will create a nationwide atmosphere of large-scale win-win consumption and value consumption with the participation of all citizens, giving new vitality to our domestic economy, including SMEs and small business owners."

Pilot Operation of Delivery Price Linkage System from September

Recently, the burden on SMEs has increased due to the sharp rise in raw material prices. Accordingly, the Ministry plans to prepare a standard contract for the delivery price linkage system in August and conduct a pilot operation of the linkage system in September.

The standard contract will include delivery price linkage clauses, and about 20 to 30 companies will be selected for the pilot operation. Through this, the plan is to build consensus among companies and then promote the legalization of the linkage system.

Minister Lee emphasized, "Last week, I discussed the introduction of the linkage system with the ruling party's policy chief, and I will soon visit the opposition party to confirm the National Assembly's will," adding, "We will legislate by listening to various market opinions without demanding sacrifices from either side and without being too hasty."

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