SME Community Welcomes Appointment of Dedicated Vice Minister for Small Business Owners... Hopes for Structural Solutions
Will Actively Support Solutions to Small Business Owners' Challenges
The small and medium-sized business community has welcomed the government's introduction of a multiple vice minister system, which includes appointing a dedicated vice minister for small business owners within the Ministry of SMEs and Startups.
The Korea Federation of Small and Medium Business stated in a commentary on September 8, "We welcome the initiative to strengthen support, development, and protection for small business owners."
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The Federation noted, "With the number of business closures exceeding 1 million last year, small business owners are currently facing an unprecedented crisis. We expect the government to respond appropriately to the challenges of restructuring large industries that rely on small businesses as revenue sources-such as online platforms, online gift certificates, simple payment services, and franchise distribution margins-and to foster small businesses through digital transformation."
The Federation added, "We hope that the soon-to-be-appointed dedicated vice minister for small business owners will work to resolve structural issues, including improving the revenue structure for small businesses, promoting digital transformation, and supporting business closure and recovery." "The small and medium-sized business community will also actively cooperate with the Ministry of SMEs and Startups to help the dedicated vice minister for small business owners deliver results and to address the pressing challenges faced by small business owners."
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