SME Community Urges Minister Lee Soyoung to Lead Efforts to Overcome K-Shaped Polarization
SME Community Welcomes Inauguration of Minister Lee Soyoung
The small and medium-sized enterprise (SME) community welcomed the inauguration of Lee Soyoung as Minister of SMEs and Startups, urging her to “make active efforts to overcome the K-shaped polarization facing our economy.”
On September 23, the Korea Federation of SMEs stated, “We hope Minister Lee, with her extensive experience and knowledge in legislative and budgetary activities, will take the lead in helping SMEs and small business owners overcome complex challenges, such as high interest rates, high inflation, and delayed domestic market recovery, and further enable them to emerge as the driving force behind our economic growth.”
The SME community also requested that Minister Lee, “As you stated during your confirmation hearing, please clarify and specify the role of SMEs in the nation’s core growth strategies while rationalizing regulations, and reform the unsustainable cost structure faced by small business owners.”
Additionally, the Federation emphasized that the advent of the artificial intelligence (AI) era could further worsen polarization between large corporations and SMEs, and asked that “policy capabilities be concentrated on the AI transformation and digital innovation of SMEs to strengthen their future competitiveness.”
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The Federation added, “We hope you will listen to the voices on the ground at SME sites and implement dynamic, impactful policies,” and expressed its commitment to “actively cooperate to resolve the difficulties faced by SMEs and small business owners.”
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