SME Industry: "Lee Young, Candidate for Minister of SMEs, Best Fit to Reflect Field Voices"

by Choi Donghyeon

Published 13 Apr.2022 14:56(KST)

Lee Young, a member of the People Power Party, nominated as the first Minister of SMEs and Startups in the Yoon Suk-yeol administration.

[Asia Economy Reporter Donghyun Choi] On the 13th, as President-elect Yoon Seok-yeol nominated Lee Young, a member of the People Power Party, as the Minister of SMEs and Startups, the small and medium-sized enterprise sector expressed a welcoming stance.

The Korea Federation of SMEs issued a statement on the same day, saying, "We welcome the nomination of Lee Young as the first Minister of SMEs and Startups in the Yoon Seok-yeol administration," and added, "As Lee is from a small business background and has served as a member of the 21st National Assembly, he is a suitable candidate who can reflect the voices from the field into policies through close communication with the SME sector."

The Federation also noted, "Lee has experience as the president of the Women Venture Association and as the chair of the People Power Party's Digital Party Committee," and added, "Based on this, we expect him to implement effective policies to enhance innovation and competitiveness of small and medium-sized enterprises."

Furthermore, the Federation stated, "Currently, SMEs are facing numerous difficulties such as declining profitability due to soaring raw material prices and labor shortages caused by rigid labor regulations," and requested, "After the parliamentary confirmation hearing, if Lee is appointed as the Minister of SMEs and Startups, we ask him to establish a foundation for the revival of SMEs through win-win cooperation between large and small businesses, labor regulation flexibility, digital transformation, and promotion of innovation."