Budget for Supporting Women Entrepreneurs Surpasses 10 Billion Won for the First Time... Up 14.6% Compared to Previous Year

Confirmed 10.15 Billion Won for Next Year
Weekly Event Budget Increased by 400 Million Won
New Women Entrepreneurs Development Project Established

Lee Jeong-han, President of the Korea Women Entrepreneurs Association

[Asia Economy Reporter Kim Bo-kyung] Government budget support for women-owned businesses has surpassed 10 billion KRW for the first time in history.

The Korea Women Entrepreneurs Association announced on the 27th that the Ministry of SMEs and Startups' budget for supporting women-owned businesses next year has been finalized at 10.15 billion KRW. This is an increase of 1.287 billion KRW (14.6%) compared to this year's 8.818 billion KRW. The budget for the Women Entrepreneurs Week event increased by 400 million KRW, and 887 million KRW was newly allocated for the Future Women Entrepreneurs Development Project.

This is the first time the government budget for supporting women-owned businesses has exceeded 10 billion KRW since the Korea Women Entrepreneurs Association was established as a statutory economic organization under the "Act on Support for Women-Owned Businesses" in 1999. This budget is used in various fields such as startup support, market development, workforce support, and research through the Korea Women Entrepreneurs Association and the Women Entrepreneurs Comprehensive Support Center. There are 2.95 million women-owned businesses in South Korea, accounting for 40.5% of all businesses.

Women Entrepreneurs Week is a legally designated week in the first week of July every year to raise public awareness of women-owned businesses. The Korea Women Entrepreneurs Association held the first event this July. The Future Women Entrepreneurs Development Project is a new initiative to be implemented for the first time next year. It will select female students from specialized high schools and universities who aspire to become future women CEOs and support them with workshops, mentoring, and practical job and startup competency enhancement programs.

Lee Jeong-han, president of the Korea Women Entrepreneurs Association, said, "As the only statutory women’s economic organization in the country, we will take the lead in making women-owned businesses a key driving force in overcoming South Korea’s economic crisis."

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