Junggi Ombudsman, Regulatory Innovation Meeting for Sustainable Growth of SMEs

Park Joobong "I will help innovative venture companies grow into mid-sized and large enterprises"

Park Ju-bong, Small and Medium Business Ombudsman (Vice Minister level), is speaking.
[Photo by Asia Economy DB]

[Asia Economy Reporter Kim Jong-hwa] The Small and Medium Business Ombudsman joined forces with the MainBiz Association to improve regulations that hinder the growth of small and medium enterprises (SMEs). Companies requested policies and regulatory improvements for tailored guarantees based on business longevity and the sustainable growth (Scale-up) of innovative companies with high future growth potential.

On the 5th, Park Ju-bong, the Small and Medium Business Ombudsman (vice-ministerial level), held a regulatory innovation meeting with the MainBiz Association at the JW Marriott Hotel in Jongno-gu, Seoul. During the meeting, SME representatives focused on expressing difficulties and regulations in business management areas such as fund operation and workforce management during the management process.

Company A stated regarding the delivery payment linkage system, "We expect it to be of great help to SMEs," adding, "However, since it is expected to take some time until the system is introduced, we hope that a separate special policy fund can be promptly prepared for SMEs that urgently need support."

Company B said, "Guarantee institutions do not support new guarantees for companies with over 20 years of business experience despite their excellent innovation and future growth potential," and suggested, "A tailored guarantee policy is needed for the scale-up of SMEs."

In response, Ombudsman Park received an answer that "the 'Support Fund System for SMEs Affected by Rising Raw Material Prices,' currently operated by policy fund institutions such as the Credit Guarantee Fund, will continue, and additional support will be promptly provided if issues related to rising raw material prices arise." He also responded, "Since there is consensus on the need for support measures for the sustainable growth of SMEs, we will continue consultations with related agencies to prepare support plans."

Additionally, participating companies requested active efforts to promptly resolve various SME issues, including △ changes to the total calculation criteria for the 52-hour workweek system, △ improvement of the guarantee institution's responsible management evaluation system, and △ relaxation of tenant industries in knowledge industry centers.

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