The Ministry of Small and Medium Enterprises and Startups noted that it would mobilize all available means to support small and medium enterprises (SME), small business owners, and self-employed individuals to minimize the impact of recent political instability triggered by the emergency martial law.
On the 16th, the Ministry of Small and Medium Enterprises and Startups summoned all headquarters executives and heads of regional small and medium enterprises agencies to hold a meeting for checking and responding to the livelihoods and economic situation.
The Ministry of Small and Medium Enterprises and Startups has been responding quickly to recent situations, starting with an emergency executive meeting on the morning of the 4th, just after the emergency martial law was declared on the 3rd, and has held over four emergency executive meetings regularly. On the 11th, the ministry held the first meeting of a task force for checking and responding to the livelihoods and economy.
Minister Oh Youngju said, "The local offices on the front lines should take the lead in closely communicating with local merchants' associations and other organizations to gather the difficulties faced by small business owners," adding, "Cooperate closely with export support agencies to monitor the trends of small and medium enterprises and startups and mobilize all available means to provide support."
He urged, "All employees of the Ministry of Small and Medium Enterprises and Startups and its affiliated organizations should do their best in fulfilling their responsibilities without wavering to minimize the shock to small and medium enterprises and startups, which are the foundation of our economy."
The small and medium enterprises sector is concerned that prolonged political instability and rising exchange rates will increase economic uncertainty. Small business owners and the self-employed are worried about the decline in consumer sentiment due to cancellations of year-end gatherings and events, as well as a decrease in foreign tourists.
The ministry emphasized that it has resolved to push ahead with the comprehensive plans for small business owners and the self-employed, announced in July, and the customized support enhancement plan for small business owners and the self-employed, announced on the 5th, without any setbacks.
With the budget for next year confirmed, the ministry will swiftly establish projects and policies targeting small business owners, startups, and small and medium enterprises (SME), injecting finances early to focus policy efforts on stabilizing the management activities of small business owners and supporting the exports of small and medium enterprises and startups. Additionally, the ministry plans to establish a prompt situation-sharing system with relevant ministries such as the Ministry of Strategy and Finance to closely monitor the economic situation and communicate frequently to minimize the uncertainties faced by small business owners and small and medium enterprises.