Oh Young-joo, Ministerial Candidate for the Ministry of SMEs and Startups, "Actively Supporting Overseas Exports of SMEs... Collaborating with Embassies"

Oh Young-joo, nominee for Minister of SMEs and Startups (left), is shaking hands with Kim Ki-moon, Chairman of the Korea Federation of SMEs, during a visit to the Korea Federation of SMEs in Yeouido, Seoul, on the morning of the 11th.
[Image source=Yonhap News]

On the 11th, Oh Young-joo, nominee for Minister of SMEs and Startups, met with Kim Ki-moon, chairman of the Korea Federation of SMEs, and promised to work hard to develop overseas markets for small and medium-sized enterprises (SMEs). This is interpreted as an attempt to highlight her experience at the Ministry of Foreign Affairs as a strength to dispel concerns about her expertise.

After meeting with Chairman Kim at the Korea Federation of SMEs located in Yeouido, Seoul, Oh held a press briefing and stated, "Increasing the number of export SMEs and diversifying markets is the most important thing for our economy," adding, "I had many discussions with Chairman Kim about the role the government should play in this area."

Oh emphasized the role of embassies and public institutions in pioneering export markets for SMEs. She said, "While serving as an ambassador, I realized that if the roles of embassies and public institutions are thoroughly established in the SME field, greater results can be achieved," and added, "The environment for SMEs to enter overseas markets is challenging not only because export markets are limited, but also because there is a need to create various quality systems in the new international competitive landscape."

She also pledged to prepare policies to help SMEs respond well to issues such as carbon neutrality, climate change, ESG (environment, social, and governance), and artificial intelligence (AI) regulations. Oh stated, "Large corporations can prepare independently for issues like climate change, but SMEs have no choice but to respond under group-level or government support," and continued, "We will carefully consider how to properly understand environmental changes and which policies will be most effective if implemented first."

Oh and Chairman Kim also discussed regulatory difficulties faced by SMEs. They agreed on the need to discuss and find solutions at the government and National Assembly levels regarding issues such as increased financial costs for SMEs, revitalization of business succession, and postponement of the expanded application of the Serious Accidents Punishment Act to workplaces with fewer than 50 employees. After her formal appointment, Oh plans to hold official meetings with the Korea Federation of SMEs to discuss the pressing issues facing the SME sector in greater depth.

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