The nomination of Lee So-young, a member of the Democratic Party, as the Minister of the Ministry of SMEs and Startups has been met with widespread approval from the small business, microenterprise, women entrepreneurs, and startup sectors. Various organizations urged the nominee to leverage her policy experience and expertise to enhance the competitiveness of small and venture businesses through effective communication with the field.
The Korea Federation of SMEs issued a statement on the same day, noting, "Lee has worked to improve regulations for innovative companies through her involvement in the National Assembly's startup research group, 'Unicorn Farm.' We expect her to implement effective policies to address challenges such as artificial intelligence (AI), digital transformation, global market entry, and overcoming the polarization of K-shaped growth faced by small businesses."
The federation added, "If appointed as minister, she should closely communicate with the small business sector to resolve various on-site challenges, and we will actively cooperate in this effort."
The Korea Association for the Promotion of Small and Medium Enterprises (InnoBiz Association) expressed optimism, stating, "The selection of Lee, who has expertise in industrial fields and has been active in the National Assembly's Committee on Trade, Industry, Energy, and SMEs, will serve as a strong catalyst for revitalizing the manufacturing and technology innovation ecosystem."
The microenterprise sector also expressed its support. The Small Business Association commented, "This nomination marks a resolution to the two-month vacancy in the ministerial position. We hope it will ensure continuity in small business policies and accelerate the resolution of pressing issues."
They further urged, "We hope she actively addresses issues such as stabilizing microenterprise management, strengthening social safety nets, and creating a fair business environment, bringing new hope and vitality to the 7.9 million microenterprises."
The venture and startup sectors also expressed high expectations for Lee's policy experience and execution capabilities. The Korea Venture Business Association stated in a release, "We hope that Lee's accumulated policy expertise will be translated into strong execution within the ministry, ensuring that venture and startup companies are not left behind in the technological transformation and can play a leading role in Korea's industrial innovation."
The Korea Startup Forum added, "We ask that she become a strong partner in leading the transition to a 'national startup era' and the leap of the startup ecosystem. Given that startups are a key growth engine of our economy and central to the 'AI transformation,' we hope that supportive policies and an operational regulatory environment will be established swiftly."
The Korea Venture Capital Association welcomed the nomination, stating, "Lee is the right person to lead support for the domestic venture ecosystem, as she listens to the voices from the field and deeply understands the challenges of the innovation ecosystem. We expect her to inject new energy into the venture investment market."
The women entrepreneurs' sector praised the appointment as a demonstration of diversity across generations and genders. The Korea Women Entrepreneurs Association stated in a release, "The selection of a 1985-born female politician as the ministerial candidate overseeing small and medium enterprise policies is highly significant. This appointment reflects the Lee Jae-myung government's commitment to achieving diversity and inclusivity across generations and genders."
They added, "We hope that Lee will listen to the voices of small businesses and microenterprises based on her accumulated expertise and policy experience, and actively promote policies for women entrepreneurs."
* This article has been translated by AI.
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