Minister of SMEs and Startups Lee So-young announced on October 7 that the government will manage the cost burdens faced by small businesses, including rent, labor costs, and platform fees, through objective indicators. She also stated that support for vulnerable businesses will be expanded. A new 'Startup Regulation Innovation Committee' will be established to accelerate the removal of regulations hindering entry into new markets.
In her opening remarks at the National Assembly's Industry, Trade, and SMEs Committee audit, Minister Lee said, "We will quantify the cost burdens that weigh on small businesses, such as rent, labor costs, interest, and platform fees, and the government will continuously manage these indicators."
She added, "We will expand support for self-employed individuals' employment insurance premiums and introduce support for industrial accident insurance and health care to strengthen the social safety net for small businesses."
Minister Lee emphasized the establishment of the Startup Regulation Innovation Committee, stating, "We will seek solutions from the perspective of businesses and citizens," and mentioned the designation of six additional startup cities considering regional growth engines in five sectors and three specialties to foster a regionally driven startup ecosystem. She also noted plans to extend the lifespan of the fund of funds to create stable venture investment conditions in the long term.
To enhance the competitiveness of small and medium-sized enterprises (SMEs), she stressed that SMEs will be involved from the design stage of national strategic industries and large projects. She explained that innovative companies in emerging growth sectors such as new security, pharmaceuticals, and climate tech will receive concentrated support over the long term to develop them into global innovation leaders.
Minister Lee stated, "We will support the overseas expansion of SME products in beauty, food, and fashion based on K-culture, while establishing an export roadmap according to the growth stages of companies to induce rapid export growth." She added, "We will ensure that SMEs do not fall behind in adapting to changes such as artificial intelligence (AI) transformation and carbon neutrality, providing support from diagnosis to equipment conversion and commercialization."
She concluded by saying, "To create a fair and cooperative business environment, we will strengthen administrative sanctions against technology theft and introduce substantial fines as effective punitive measures," and emphasized that the government will play a leading role in expanding the scope of cooperative efforts beyond traditional manufacturing to the entire industrial sector.
In her opening remarks at the National Assembly's Industry, Trade, and SMEs Committee audit, Minister Lee said, "We will quantify the cost burdens that weigh on small businesses, such as rent, labor costs, interest, and platform fees, and the government will continuously manage these indicators."
She added, "We will expand support for self-employed individuals' employment insurance premiums and introduce support for industrial accident insurance and health care to strengthen the social safety net for small businesses."
Minister Lee emphasized the establishment of the Startup Regulation Innovation Committee, stating, "We will seek solutions from the perspective of businesses and citizens," and mentioned the designation of six additional startup cities considering regional growth engines in five sectors and three specialties to foster a regionally driven startup ecosystem. She also noted plans to extend the lifespan of the fund of funds to create stable venture investment conditions in the long term.
To enhance the competitiveness of small and medium-sized enterprises (SMEs), she stressed that SMEs will be involved from the design stage of national strategic industries and large projects. She explained that innovative companies in emerging growth sectors such as new security, pharmaceuticals, and climate tech will receive concentrated support over the long term to develop them into global innovation leaders.
Minister Lee stated, "We will support the overseas expansion of SME products in beauty, food, and fashion based on K-culture, while establishing an export roadmap according to the growth stages of companies to induce rapid export growth." She added, "We will ensure that SMEs do not fall behind in adapting to changes such as artificial intelligence (AI) transformation and carbon neutrality, providing support from diagnosis to equipment conversion and commercialization."
She concluded by saying, "To create a fair and cooperative business environment, we will strengthen administrative sanctions against technology theft and introduce substantial fines as effective punitive measures," and emphasized that the government will play a leading role in expanding the scope of cooperative efforts beyond traditional manufacturing to the entire industrial sector.
* This article has been translated by AI.
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