Ministry of SMEs and Startups Reviews Sector-by-Sector Livelihood Economy Status and Responses: "Hope to Minimize Impact"

On the 16th, Local Small and Medium Business Administration Heads Gather for Expanded Executive Meeting
Plans to Promote Comprehensive Measures for Small Business Owners and Self-Employed

The Ministry of SMEs and Startups has begun inspecting the status of the livelihood economy by sector and the corresponding response measures.

Oh Young-joo, Minister of SMEs and Startups. Provided by the Ministry of SMEs and Startups

On the 16th, the Ministry convened all headquarters executives and heads of local Small and Medium Business Administration offices to hold an ‘Expanded Executive Meeting for Livelihood Economy Status Inspection and Response Enhancement,’ the ministry announced.

Minister Oh Young-joo of the Ministry of SMEs and Startups stated at the meeting, “Local offices at the forefront should take the lead in closely communicating with local merchant associations and other cooperative organizations to gather difficulties faced by small business owners, closely cooperate with export support agencies to monitor trends in SMEs and venture companies, and mobilize all available means to provide support. I urge all employees of the ministry and its affiliated organizations to do their utmost in their responsibilities without wavering to minimize the impact on SMEs and venture companies, which are the foundation of our economy.”

On the 11th, the ministry held the first meeting of the ‘Livelihood Economy Status Inspection and Response Task Force (TF)’ and decided to promptly identify and respond to difficulties across small business owners, SMEs, and the venture and startup sectors. The expanded executive meeting was held as a follow-up measure.

The SME sector is concerned about the increasing economic uncertainty due to prolonged political instability and rising exchange rates. Small business owners and self-employed individuals had high expectations for year-end sales but are worried as consumer sentiment is shrinking due to cancellations of year-end events and a decrease in foreign tourists.

The ministry plans to steadily implement the ‘Comprehensive Measures for Small Business Owners and Self-Employed’ announced in July and the ‘Enhanced Customized Support Plan for Small Business Owners and Self-Employed’ released on the 5th.

Additionally, with next year’s budget finalized, the ministry will establish projects and policies targeting small business owners, ventures, startups, and SMEs, and will promptly allocate funds to focus on stabilizing the management activities of small business owners and supporting exports of SMEs and venture companies.

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