[2022 National Audit] Minister Lee Young: "Activate Venture Overseas Expansion... Eradicate Unfair Practices"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] Lee Young, Minister of the Ministry of SMEs and Startups, announced on the 6th that he will promote the overseas expansion of venture companies and eradicate unfair practices to foster the growth of small and medium-sized enterprises (SMEs).

Minister Lee appeared at the National Assembly's Industry, Trade, Energy, SMEs and Startups Committee's audit session held that day and said, "With the policy vision of realizing a warm digital economy, we will nurture strong SMEs, venture companies, and small business owners."

First, he stated that financial burdens on small business owners, such as refinancing loans, will be alleviated and private consumption recovery will be induced, while fostering innovative entrepreneurial small business owners.

Additionally, he announced plans to strengthen the global expansion foundation for venture and startup companies and implement customized support programs so that promising companies can grow into global unicorns.

Minister Lee emphasized, "We will build a market-driven venture investment ecosystem by activating private mother funds and introducing advanced venture finance systems."

He also expressed his determination to enhance competitiveness through package policy support that eradicates unfair trade practices and enables SMEs to leap into mid-sized and large enterprises.

Minister Lee said, "We will create conditions for receiving fair prices through pilot operation and legislation of the delivery payment linkage system, and remove growth obstacles for SMEs through bold regulatory innovation."

Earlier, the Ministry of SMEs and Startups promoted policy projects such as a 7-day companionship festival to stimulate domestic demand, pilot operation of the delivery payment linkage system, and the establishment of a Korea-US joint venture fund.

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