Minister Han Seong-sook of the Ministry of SMEs and Startups put the "recovery and growth" of small and venture businesses as the top priority. She also laid out a plan to overcome the crisis and pursue technological innovation in parallel amid a slowdown in the economy, liability burdens, and rising uncertainty.
The Minister said at the National Assembly's Trade. Industry Energy. SMEs. and Startups Committee audit on 14th, "Risk factors such as self-employed people's liability and an increase in marginal corporations remain," adding, "The Ministry of SMEs and Startups will concentrate its capabilities on the 'recovery and growth' of small businesses and small and venture corporations so that domestic corporations can perform on the global stage."
She cited as the main achievements pursued by the ministry this year: ▲ easing management burdens for small businesses ▲ revitalizing the venture investment market ▲ eradicating the theft of small corporations' technology ▲ strengthening regional startup and venture ecosystems.
To ease fixed costs such as utility bills for small businesses, the ministry provided "burden-reduction credits" totaling 1.5 trillion won and prepared an incentive system for faithful repayers. It launched New Start Support Centers to expand restart assistance and raised the employment insurance support rate from 50% to 80%. To boost domestic demand, it also introduced the win-win consumption lottery and the win-win payback program.
To inject vitality into the shrunken venture investment market, it promoted a 1.3 trillion won commitment through the mother fund and the creation of funds totaling 2.6 trillion won. In particular, to foster AI and deep tech startups, it executed an extra budget of 350 billion won and launched regional venture funds totaling 100 billion won across three regions, including South Chungcheong, Busan, and Gangwon.
Minister Han said, "To strengthen the capabilities of small businesses, we will tailor the use of digital technologies such as management support using AI and analysis of consumer data," adding, "We will kick off the 'Next Unicorn Project' centered on AI and deep tech, and we will establish startup and venture campuses in Silicon Valley to support overseas expansion."
She added, "To create innovation momentum for small corporations, we plan to push 'Smart Manufacturing 3.0,'" noting, "We will support an AI grand transition for small manufacturing corporations from the foundation to the cutting edge and strengthen the foundation for manufacturing innovation by fostering 'smart manufacturing specialized corporations' that support digital and AI transitions on the manufacturing floor."
To prevent the theft of small corporations' technology, the government will push a Korean-style evidence disclosure system and make damage compensation more realistic. It will expand the scope of the supply price indexation system to cover not only materials and supplies but also energy expenses and plans to establish a damage relief fund to provide effective relief for small corporations harmed by unfair transactions.
Minister Han explained, "We will intensively foster regional small corporations and startup corporations to invigorate local economies," adding, "We will promote win-win cooperation among corporations such as online platforms and small businesses, and we will spread win-win payments starting with public institutions to ensure stable payments to partner small corporations."
She then urged, "We ask for your great interest and cooperation so that the policy tasks the ministry seeks to pursue can proceed without a hitch."