Soyoung Lee "Strengthening the small business safety net"... Promotion of establishment of ‘Startup Venture Regulation Innovation Committee’

Minister of SMEs and Startups Lee So-young said on the 7th, "We will expand support for employment insurance premiums for self-employed people and strengthen the social safety net for small business owners by establishing industrial accident insurance premiums and health care support."

Minister Lee said in his speech at the National Assembly audit of the National Assembly's Trade, Industry, Energy, Small and Medium Venture Business Committee on this day, "We will introduce policy insurance to cover the risk of business suspension and closure of small business start-ups by young people, and we will also support the revitalization of domestic demand and the spread of warmth to people's livelihood through the 'Korea Grand Festival' in the second half of the year."

He promised, “We will promote economic vitality by revitalizing start-ups and venture investments,” and “We will establish a ‘Start-up and Venture Regulation Innovation Committee’ to identify issues for improvement and find solutions from the perspectives of companies and the public.”

He added, "We will create stable venture investment conditions by gathering private funds centered on mother-of-funds and promoting the extension of the term of mother-of-funds."

He also emphasized that in order to strengthen the competitiveness of small and medium-sized enterprises, small and medium-sized enterprises will be able to participate as main actors from the design stage of national strategic industries and large projects.

He explained that he will provide intensive long-term bundled support to innovative companies in new growth fields such as new security, pharmaceutical biotechnology, and climate technology to develop them into global innovative companies.

Minister Lee said, "We will support the overseas expansion of small and medium-sized businesses such as beauty, food, and fashion based on K-culture, while encouraging rapid export growth by establishing an export roadmap according to the company's growth stage." He also said, "We will support small and medium-sized businesses from diagnosis to facility conversion and commercialization to ensure that they do not fall behind changes such as artificial intelligence (AI) transition and carbon neutral response."

He added, "In order to create a business environment of fairness and coexistence, we will expand effective sanctions, such as strengthening administrative sanctions against technology theft and introducing large-scale fines," and added, "The government will play a leading role in expanding the scope of coexistence cooperation beyond traditional manufacturing to the entire industry."