Oh Young-joo "Budget Cuts, Damage to SMEs, Small Business Owners, and Consumers"

Concerns Over Negative Impact on Livelihood and Economic Recovery
"Hope It Is Discussed and Reflected Through Bipartisan Agreement"

Oh Young-joo, Minister of the Ministry of SMEs and Startups, expressed concerns that the opposition party's unilateral budget cuts would have a negative impact on small and medium-sized enterprises (SMEs) and small business owners.

Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Economy and Finance, is announcing the government's position on the issues of the opposition party's unilateral budget reduction proposal at the Government Seoul Office in Jongno-gu, Seoul, on the 2nd. Attending the joint briefing were Lee Sang-min, Minister of the Ministry of the Interior and Safety; Cho Kyu-hong, Minister of Health and Welfare; Oh Young-joo, Minister of the Ministry of SMEs and Startups; and Bang Ki-moon, Director of the Office for Government Policy Coordination. Photo by Jo Yong-jun

On the 2nd, during a joint briefing with the Ministry of Economy and Finance, the Ministry of the Interior and Safety, and the Ministry of Health and Welfare regarding the government’s position on the opposition party’s unilateral budget reduction plan, Minister Oh stated, “Amid the growing operational difficulties faced by SMEs and small business owners, the recent approval of budget cuts is expected to negatively affect the already struggling livelihood economy’s recovery.”

Minister Oh continued, “As the National Assembly reduced part of the budget for supporting small business owners and cut the 2 trillion won contingency fund prepared for a sharp economic downturn and soaring prices, the damage will fall on small business owners, especially micro-business owners, and consumers.”

Minister Oh also said, “Above all, the Ministry of SMEs and Startups has made efforts to expand support policies for addressing the recent increase in youth business closures and for regional leading companies and regional startups to revitalize the local economy during the National Assembly’s budget review process.”

“With the approval of these budget cuts, it is regrettable that we will not be able to provide greater assistance to the approximately 8 million small business owners, SMEs, ventures, and startups who are the foundation of our economy, which is going through an especially difficult winter,” he emphasized.

He added, “I hope that the budget will be thoroughly discussed and reflected through bipartisan agreement to restore the vitality of our SMEs and small business owners.”

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