SMEs 'Welcome' Economic Policy Direction... "Hope for Continued Regulatory Improvements"

Policy Reflected as Requested by the SME Sector
"Expecting a Government That Takes Action"

The small and medium-sized enterprise (SME) sector expressed its 'welcome' for the government's economic policy direction for this year on the 4th.

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, is announcing the 2024 Economic Policy Direction on the afternoon of the 4th at the Government Seoul Office in Jongno-gu, Seoul.
[Photo by Yonhap News]

The Korea Federation of SMEs stated in its 'SME Sector Position on the 2024 Economic Policy Direction' released that day, "The Yoon Suk-yeol administration, now in its third year, symbolizes a commitment to intensify support and development for SMEs."

The previously announced '2024 Economic Policy Direction' by the government included several effective policies that the SME sector had long proposed to promote corporate investment and activate K-exports. These include a one-year extension of the temporary investment tax credit for facility investment, extension of tax support periods for exporting SMEs, easing of killer regulations such as location restrictions in border areas, implementation of a three-pronged support package for small business owners facing energy, high interest rates, and tax burdens, and the enactment of a special law to improve SME productivity.

In response, the Korea Federation of SMEs said, "We agree with the direction to promote labor market advancement through reforming wage systems and working hours, and establishing the rule of law between labor and management. Additionally, we hope for continued regulatory improvements that align with the changing work environment, such as flexible working hours regardless of industry or occupation, and expanding the application period for extended working hours to monthly units or longer."

The Federation also emphasized, "We expect the government to truly implement President Yoon Suk-yeol's New Year's address commitment to being a government that acts to solve problems rather than just reviewing them through continuous communication with the SME field," and added, "The SME sector will also cooperate as one team with the government to revitalize the Korean economy through investment, export expansion, and job creation."

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