[Exclusive] One Year After Minister Lee Young's Inauguration... Ministry of SMEs Spent 300 Million Won on Overseas Travel Expenses

Visited 5 Countries 8 Times in 1 Year of Inauguration
Minister's Airfare Over 10 Million Won Per Trip
Financial Situation Tight... Controversy Over Appropriateness

Since Minister Lee Young took office, the Ministry of SMEs and Startups has spent approximately 300 million KRW on overseas travel expenses for the minister and accompanying staff over the course of one year.

Until last month, Minister Lee visited a total of eight times across five countries, including the United States, the United Arab Emirates (UAE), and Switzerland. The total distance traveled amounts to 100,000 km.

Previously, former Minister Kwon Chil-seung was unable to travel abroad during his first year in office, as trips such as the CES electronics exhibition were canceled due to the COVID-19 pandemic.

Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy took office around the same time as Minister Lee Young. He made two overseas trips last year to the Czech Republic, Poland, the United States, and Canada, and accompanied the president on a state visit this year.

Minister Lee Young is currently still overseas. He is strengthening venture and startup cooperation in the Middle East by partnering with the Saudi Arabian government to establish a joint fund.

The issue lies in the expenses incurred due to frequent trips. Adopting a policy that multiple visits to a single country are necessary to achieve tangible results, he has already visited the United States, UAE, and Saudi Arabia two to three times each.

According to the Ministry of SMEs and Startups’ overseas travel plans, a 7-night, 9-day trip to the United States in September last year cost a total of 80 million KRW. Minister Lee himself spent 30 million KRW, including 20 million KRW for first-class airfare, while the remaining four staff members spent about 50 million KRW.

During that trip, he traveled between Silicon Valley, New York, and Washington DC to attend events promoting Korean startups and SMEs.

In early January this year, he attended the CES electronics exhibition in Las Vegas for 3 nights and 5 days, spending a total of 95 million KRW. Minister Lee spent 15 million KRW alone, including 12 million KRW for airfare. Additionally, nine Ministry staff members, including Im Jung-wook, Head of the Startup Venture Innovation Office, spent 80 million KRW.

In mid-January, he visited the UAE and Switzerland with a total of six people. The expenses amounted to 57 million KRW, including 44 million KRW for airfare and 10,000 USD (approximately 13 million KRW) for accommodation. They signed a memorandum of understanding with the UAE government and attended the Davos Forum in Switzerland to promote the Ministry’s policies.

Minister Lee Young of the Ministry of SMEs and Startups is taking a commemorative photo with Yosef Al Benyan, Chairman of the SME BANK Board and Minister of Education, and other officials at the joint fund establishment signing ceremony held on the 11th (local time) at the Crowne Plaza Riyadh Hotel in Saudi Arabia.

In March, he toured the UAE and Saudi Arabia again. The 5-night, 7-day trip cost 40 million KRW. Minister Lee attended the opening ceremony of the Dubai Global Business Center (GBC), which supports exports by Korean companies, and the Biban startup event in Saudi Arabia. He spent 20 million KRW on this trip, including 15 million KRW for airfare. Director Im spent 10 million KRW, and the other three Ministry staff members each spent 3.5 million KRW.

Considering that Minister Lee is scheduled to visit the startup festival 'Vivatech' in Paris, France, soon, it is estimated that the Ministry of SMEs and Startups’ overseas travel expenses during his first year in office will exceed 300 million KRW.

This year, the Ministry’s budget has been cut by about 30% compared to the previous year, tightening financial conditions. An industry insider commented, "While the purpose of promoting our companies overseas is understandable, opinions may differ on the appropriateness of frequent overseas trips."

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