Industrial Minister Lee Chang-yang: "Regulatory Innovation and Technology Support... Easing Burdens on Small and Medium Enterprises"

Lee Chang-yang, Minister of Trade, Industry and Energy, is delivering opening remarks at a meeting with small and medium-sized business owners held on the 7th at the Korea Federation of SMEs in Yeouido, Seoul.

[Asia Economy Sejong=Reporter Dongwoo Lee] Lee Chang-yang, Minister of Trade, Industry and Energy, announced on the 7th that "a basic plan to promote the root industries, where small and medium-sized enterprises (SMEs) are concentrated, will be prepared within this year."

Minister Lee attended a meeting with SME representatives held at the Korea Federation of SMEs in Yeouido, Seoul, and said, "The recent crises facing our economy, such as supply chain instability and interest rate hikes, can be turned into opportunities, and SMEs can play a pivotal role in restoring industrial dynamism."

He added, "We will actively strive to support technological innovation in promising companies, reform regulations that hinder business growth, and promote high value-added industries so that SMEs, which are the core of private-sector-led growth, can grow into global companies."

This meeting was the first invitation meeting hosted by the Minister of Trade, Industry and Energy since his inauguration, organized to listen to the voices of SME representatives from major industries regarding the difficulties faced in business management through communication.

SME representatives attending the meeting proposed expanding support for carbon neutrality and ESG (Environmental, Social, and Governance) responses, as well as easing regulations on industrial complex locations.

Kim Ki-moon, Chairman of the Korea Federation of SMEs, urged, "I hope that regulations that strangle SMEs will be improved and that support policies that can provide practical help will be prepared in response."

Minister Lee said, "We will actively work to alleviate the burdens on SMEs by expanding government support projects and preparing the SME K-ESG guidelines in the second half of this year."

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