SEOUL, August 30 (AJP) - South Korean business and women's entrepreneur groups welcomed the nomination of Lee So-young, a two-term lawmaker of the ruling Democratic Party, as minister of SMEs and startups, urging her to deliver tangible support and fresh momentum to a sector that accounts for the bulk of the country's jobs.
The nomination fills a post left vacant for about two months after former minister Han Sung-sook was tapped as prime minister.
A lawyer by training who served in the 21st and 22nd National Assemblies, Lee was named to the position by President Lee Jae Myung Sunday.
The Korea Women Entrepreneurs Association praised her legislative record and pressed for policies aimed at women-led firms.
"We hope she will listen to the field voices of small businesses and small merchants, including women-owned enterprises, and back their innovative growth and new engines of growth," the group said in a statement.
The Korea Federation of SMEs said it expected her experience to help smaller firms weather artificial intelligence and digital transformation, break into global markets, and overcome the polarization of so-called K-shaped growth.
The Korea Venture Business Association and the Korea Venture Capital Association each called for lighter regulation and deeper capital markets, urging her to spur private investment and modernize exit channels such as initial public offerings and mergers and acquisitions.
The Korea Federation of Micro Enterprise, meanwhile, asked the nominee to treat the nation's 7.9 million small merchants as full participants in the economy rather than mere recipients of aid, calling for stronger safety nets and fairer business conditions.
AJP Takeaways
• President Lee Jae Myung nominated two-term Democratic Party lawmaker Lee So-young as minister of SMEs and startups, filling a post vacant for about two months.
• Business and women's entrepreneur groups welcomed the pick, pressing for tangible support on AI transition, global expansion and women-led firms.
• Venture groups pushed for lighter regulation and stronger exit channels such as IPOs and M&As to deepen the startup capital market.
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