Small and Medium Business Community Meeting with Hong Ik-pyo Requests Passage of Corporate Succession Legislation

Discussion on SME Legislative Tasks in the Last Regular Session of the 21st National Assembly

The small and medium-sized enterprises (SME) sector requested Hong Ik-pyo, the floor leader of the Democratic Party of Korea, to pass the "Act on Revitalization of Business Succession" in the National Assembly and to extend the grace period for the Serious Accidents Punishment Act for workplaces with fewer than 50 employees.

Hong Ik-pyo, Floor Leader of the Democratic Party of Korea. Photo by Kim Hyun-min kimhyun81@

On the 7th, the Korea Federation of SMEs announced that it discussed legislative tasks for SMEs in the 21st and final regular session of the National Assembly with Floor Leader Hong at the Federation's office in Yeouido, Seoul.

The main agenda items included the passage of the Act on Revitalization of Business Succession, extension of the grace period for the Serious Accidents Punishment Act for workplaces with fewer than 50 employees, rational improvements to the Chemical Substances Control Act and the Chemical Management Act, and exclusion of collusion to promote joint projects among cooperatives.

Attending from the SME sector were Kim Ki-moon, chairman of the Korea Federation of SMEs; Jung Yoon-mo, executive vice chairman of the Federation; Kwon Hyuk-hong, chairman of the Korea Paper Industry Cooperative; Shim Seung-il, chairman of the Korea High-Pressure Gas Industry Cooperative Federation; Ko Byung-heon, chairman of the Korea Amusement Industry Cooperative; and Lee Jae-kwang, chairman of the Korea Electric Energy Industry Cooperative.

From the Democratic Party, Floor Leader Hong, floor spokesperson Choi Hye-young, and lawmaker Kim Kyung-man were present.

Kim Ki-moon, chairman of the Korea Federation of SMEs, said, "The economy is really difficult, but when it comes to livelihood issues, both ruling and opposition parties must unite their efforts," and added, "Please cooperate to ensure that the core legislative tasks for SMEs are passed in the 21st and final regular session of the National Assembly."

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