KFSB Meets People Power Party to Deliver Policy Agenda, Stresses Need for Dedicated Small Business Organizations

Including the Establishment of a Vice Minister Dedicated to Small Businesses

The Korea Federation of Small and Medium Business (KFSB) announced on May 22 that it had delivered its "Policy Agenda for Small Businesses for the Next Administration" to the People Power Party, which includes proposals such as the establishment of a vice minister dedicated to small businesses within the Ministry of SMEs and Startups, and improvements to the minimum wage system.

Song Chiyoung, president of the Korea Federation of Small and Medium Business, is delivering the small business policy agenda for the 21st presidential election. Provided by Korea Federation of Small and Medium Business

On this day, the KFSB held a ceremony to deliver the small business policy agenda for the 21st presidential election at its conference room in Yeouido, Seoul. The event was attended by Kim Sanghoon, head of the Policy Headquarters of the People Power Party's Central Election Countermeasures Committee, as well as lawmakers Ko Dongjin, Park Sumin, Cho Eunhee, and Choi Eunseok, who are members of the election committee.

The KFSB emphasized that the issues facing small businesses should become key state affairs for the next administration, as it presented the People Power Party with a total of around 110 policy tasks. These included five major agendas?overcoming crises, strengthening support and infrastructure, improving laws and systems, establishing a social safety net, and building a foundation for innovative growth?along with 25 core tasks.

In response, the People Power Party stated its intention to work toward reflecting these policy tasks, including the provision of emergency support funds for small businesses, the establishment of a vice minister dedicated to small businesses within the Ministry of SMEs and Startups, the creation of a Presidential Special Committee on Small Businesses and a secretary for small businesses directly under the President, the strengthening of dedicated organizations for small businesses, the establishment of a policy financial institution for small businesses, improvements to the minimum wage system, and the enactment of a welfare law for small businesses.

The KFSB had also delivered its policy agenda to the Democratic Party of Korea last week. It plans to continue discussions with key political parties moving forward.

Song Chiyoung, president of the KFSB, stated, "In the midst of a national crisis, dedicated organizations for small businesses, such as a vice minister within the Ministry of SMEs and Startups, must be further expanded." He added, "I hope that the policy tasks delivered today will become key state affairs for the next administration, paving the way for small businesses to overcome the crisis and achieve innovative growth."

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