We will identify the ecological value that small business owners contribute to local economies, society, and culture, and use that value to build a foundation for sustainable growth.
On May 20 at the Korea Federation of Small and Medium Enterprises in Yeouido, Seoul, In Tae-yeon, head of the Small Enterprise & Market Service (SEMAS), said this at a press briefing marking 100 days in office. Since taking office on Jan. 29, In has spent more than half of his time in the field listening directly to the difficulties faced by small business owners and, based on that, outlined policy directions to support 7 million small business owners.
In, who previously ran a clothing store as a small business owner, is seen as having extensive field experience. In 2018, during the Moon Jae-in administration, he served as the first secretary for self-employed affairs in the presidential office.
SEMAS, a quasi-governmental agency under the Ministry of SMEs and Startups that carries out policies supporting small business owners and traditional markets, has a budget of about 5.7 trillion won this year.
In stressed the need to shift the policy paradigm, saying small business owners should be viewed not simply as beneficiaries of support but as key actors sustaining local economies. He said the economic and social value of small business owners has not been properly recognized and that without acknowledging their value, it is difficult to effectively implement support and growth policies.
He added that approaching them only as vulnerable participants in local economies or mere recipients of aid leads to stopgap measures, explaining that small business owners are the actors supporting local economies and are closely connected to people's lives.
SEMAS is developing a methodology, centered on its in-house Small Business Policy Research Institute, to measure the economic, social, and cultural value of small business owners. It plans to announce interim results in September and build a final value measurement model by year's end to use in policymaking and growth support.
In also expressed a commitment to building a data-based performance analysis system. He said he will clarify policy objectives and analyze beneficiary data to see whether policies served as a steppingstone to higher sales for small business owners and whether they actually affected sales growth, and design policies based on the findings.
The mode of support will also be strengthened from a focus on individual stores to a focus on commercial districts. In emphasized that while support for individual small business owners is important, the commercial district itself must thrive for the businesses within it to grow together, adding that he will pursue stabilization of both markets and commercial districts. He also said he will build a local economic platform that combines culture, tourism, and content, merge unique local culture with K-culture to expand the local into the glocal, and spread a digital-based consumption ecosystem.
In also emphasized supporting the adoption and use of AI by small business owners to bolster their capabilities in developing products and services.