Minister Kwon Chil-seung of the Ministry of SMEs and Startups (MSS) holds a meeting with SME businessmen, including Chairman Kim Ki-moon of Korea Federation of SMEs (KBIZ), at the KBIZ headquarters in Yeouido, Seoul, on Feb. 17. (Photo: MSS)

Minister Kwon Chil-seung of the Ministry of SMEs and Startups (MSS) had a meeting with SME businessmen at the Korea Federation of SMEs (KBIZ) in Yeouido, Seoul, on Feb. 17. It was the MSS minister’s first such gathering with SME businessmen since he took office.

Among those on hand at the meeting were KBIZ Chairman Kim Ki-moon, Chairman Kwon Hyuck-jin of the Korea Paper Industry Cooperative, and Chairman Bae Jo-woong of Korea Federation Ready-mixed Concrete Industry Co-Operatives.

The gathering was designed to lend an ear to hear about pending issues such as support for technology development to overcome the crisis caused by COVID-19, invigorate cooperatives and overhaul business conditions.

SME participants demanded support for technology R&D related to common demand of SME cooperatives, the expansion of efforts to nurture “unicorn” candidates of the raw materials, parts and equipment sectors, and the easing of SMEs’ burden involving smart factory projects.

KBIZ Chairman Kim said, “MSS’s role is getting more important than at any other time when SMEs and small businessmen suffer from hardships caused by the protracted COVID-19 pandemic.”

He demanded the ministry takes aggressive policy support steps so they can recuperate from hard times. Chairman Kim said KBIZ will redouble efforts to expand new investments and create jobs.

Minister Kwon Holds Meeting with Root Industry SME Businessmen

MSS Minister Kwon toured Yongju Industry Co, a “root industry” company located in Yongin, Gyeonggi-do, on March 12 and had a meeting with five regional business representatives.

Minister Kwon made his first inspection tour to Yongju Industry since he took office.

He looked at its plant and production facilities. His tour was designed to give words of encouragement to businessmen of root industry companies who suffer hardships such as difficulties in securing manpower and funding due to COVID-19, as well as collect grievances and complaints from the field and reflect them into policies.

Minister Kwon said, “I will prioritize helping SMEs and small businessmen recuperate from hardships caused by COVID-19 and make a leap forward.”

He said his ministry plans to implement five major policy tasks, including support for innovation of conventional industry SMEs and regional SMEs.

The competitiveness of conventional industry SMEs will be secured through three projects on smart production innovation, eco-friendly process innovation and new business conversion innovation, he said.

Minister Kwon Meets with Venture Capital Representatives

Minister Kwon held a meeting with venture capital representatives at Korea Venture Investment Corp. on March 12.

Among the attendees at the meeting were CEO Lee Young-min of Korea Venture Investment Corp., CEO Lee Jun-pyo of Soft Bank Ventures, CEO Chung Shin-ah of Kakaco Ventures, CEO Choi Hwa-jin of Kona Venture Partners, and CEO Ha Tae-hoon of We Ventures.

Minister Kwon said, “The Venture investment industry had brilliant achievements despite COVID-19 as investments peaked at 4.3 trillion won last year, and new ventures were established with a combined value amounting to 6.6 trillion won, surpassing the 6 trillion won threshold for the first time.”

Kwon said his ministry will implement support and institutional reform to pump-prime a second venture boom.

MSS Seeks Law on Compensation for Damage by Micro Enterprises

Minister Kwon said his ministry will seek to implement a law on compensating damage that micro enterprises sustain during the COVID-19 pandemic in March or April.

He made the remarks during a meeting with leaders with the Korea Federation of Micro Enterprises at Korea Forest Promotion Institute in Yeouido, Seoul, on Feb. 26.