Ministry of SMEs and Startups Discusses Measures to Stabilize Public Institutions and the Livelihood Economy

Held Policy Council Meeting with Heads of 11 Public Institutions

On the 27th, the Ministry of SMEs and Startups announced that it held a policy council meeting at the Seoul branch of the Korea Technology Finance Corporation with heads of 11 public institutions to discuss measures for stabilizing the livelihood economy. The 11 participating public institutions included the Small and Medium Business Corporation, Korea Technology Finance Corporation, Small Enterprise and Market Service, Korea Institute of Startup & Entrepreneurship Development, Korea Institute for Advancement of Technology, Korea Institute for Startup & Venture Entrepreneurship, Korea Credit Guarantee Fund Central Association, Korea Venture Investment Corp., Korea Small and Medium Business Distribution Center, Gongyoung Home Shopping, and the Comprehensive Support Center for Disabled Enterprises.

This meeting, held for the third time this year, aimed to share the difficulties faced by small and medium enterprises (SMEs) and small business owners amid the recent challenging economic conditions and to review the response status of public institutions. During the meeting, trends and current issues of related industries such as SMEs, venture companies, startups, and small business owners experiencing difficulties in the unstable economic environment were shared, and based on the monitoring results so far, discussions were held on future policy support and cooperation measures among institutions.

In particular, focused discussions were held on consumption promotion and domestic demand revitalization measures by each institution to help small business owners overcome the crisis, as difficulties have intensified due to the recent contraction in consumer sentiment. Along with this, to ensure the rapid recovery and normalization of SMEs, venture companies, and small business owners, plans for early execution of next year’s budget projects were shared, and ways to establish an active execution cooperation system among public institutions were discussed.

Minister Oh Young-joo, who presided over the meeting, stated, “The difficulties faced by our SMEs and small business owners are intensifying amid recent external uncertainties and the unsettled domestic environment,” and urged, “For the prompt stabilization of the livelihood economy, each public institution should closely monitor the field and do their utmost to carry out their duties without wavering.”

The Ministry of SMEs and Startups plans to operate the ‘Livelihood Economy Situation Monitoring and Response Task Force’ to overcome the economic crisis, monitoring the management status and difficulties of SMEs, venture companies, startups, and small business owners nationwide in cooperation with 13 regional offices. It will concentrate all available means and policy capabilities to support resolving difficulties. Furthermore, to stabilize livelihoods, the ministry will continue to communicate and cooperate with public institutions to review policy implementation status and prepare response measures.

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