President Yoon Visits Traditional Market, Vows to Support Small Business Owners' Swift Recovery

Emergency Economic and Livelihood Meeting Held… Yoon: "We Will Create Conditions to Foster Entrepreneurial Small Business Owners"

[Image source=Yonhap News]

[Asia Economy reporters Ki-min Lee and Dong-hyun Choi] President Yoon Seok-yeol stated on the 25th, "We will assist small business owners with debt adjustment and rapid recovery through an emergency response plan." He also emphasized, "We will create conditions to nurture entrepreneurial small business owners with competitiveness."

The Ministry of SMEs and Startups announced specific support measures on the same day to help small business owners recover quickly by integrating support for closure, debt adjustment, and re-challenge.

At the emergency economic livelihood meeting held at Amsa General Market in Gangdong-gu, Seoul, President Yoon said, "We are making efforts such as providing 25 trillion won in loss compensation through supplementary budgets to support the full recovery of small business owners affected by COVID-19. However, the situation remains challenging due to rising prices, the resurgence of COVID-19, and overlapping flood damage."

Minister Lee Young of the Ministry of SMEs and Startups announced an emergency response plan and measures to foster entrepreneurial small business owners at the meeting. Specifically, to enable the rapid recovery of small business owners, the ministry plans to integrate the currently dispersed support for 'closure, debt adjustment, and re-challenge' among related organizations and to big-dataize dispersed commercial district information such as real-time sales.

Additionally, a system to nurture entrepreneurial small business owners will be established, shifting small business policies from 'protection' to 'fostering.'

Before the meeting, President Yoon visited stores within Amsa General Market and observed the on-site transition to online and digital platforms, including live commerce, online grocery shopping, and the formation of online merchant associations, which Amsa Market is leading.

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