Assemblyman Sangwoong Park's "Technology Transfer Promotion Act" and "Small and Medium Enterprise Cooperative Act" Pass Plenary Session

Promotion of Technology Transfer and Commercialization Projects

Amendment of Provisions on Cooperation with the Ministry of Foreign Affairs and Overseas Diplomatic Missions

On April 23, two bills sponsored by Sangwoong Park, a member of the National Assembly from the People Power Party (representing Miryang, Uiryeong, Haman, and Changnyeong in South Gyeongsang Province and Deputy Floor Leader), namely the "Act on the Promotion of Technology Transfer and Commercialization" and the "Small and Medium Enterprise Cooperatives Act," passed the plenary session of the National Assembly.

The newly passed bills include on-site system improvements, such as enhancing the effectiveness of the technology transfer support system and expanding the foundation for collaboration among small and medium enterprises and small business owners.

Sangwoong Park, Member of the National Assembly. [Photo by Sangwoong Park's Office]

First, the amendment to the "Act on the Promotion of Technology Transfer and Commercialization" clarifies the legal basis for the Minister of Trade, Industry and Energy and others to receive cooperation from the Ministry of Foreign Affairs and overseas diplomatic missions when promoting projects related to the export of domestic technology or the introduction of foreign technology.

By supplementing the previously insufficient legal provisions, the amendment establishes a more systematic and seamless foundation for facilitating both domestic and international technology transfer and commercialization support.

The amendment to the "Small and Medium Enterprise Cooperatives Act" eases the minimum number of promoters required to establish a cooperative.

As a result, the burden of establishing new cooperatives for small and medium enterprises and small business owners will be reduced, and a systematic mechanism will be in place to broaden the practical basis for cooperation through collaborative business activities such as joint purchasing and joint sales, thereby supporting SMEs and small business owners facing difficulties caused by high interest rates and high inflation.

The passage of these bills is significant in that it represents the achievement of Sangwoong Park in materializing field-level issues across the industry and SME sectors into legislation during his activities in the relevant standing committee.

Sangwoong Park stated, "I am pleased that I was able to reflect the persistent demands for system improvements raised in the industry and at business sites in the form of legislation," adding, "I will continue to carefully listen to voices from the field and devote even greater efforts to effective legislative activities that can enhance the competitiveness of businesses and industries."

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