President Lee Jae-myung on the 30th nominated Lee So-young, a lawmaker from the Democratic Party of Korea, as Minister of the Ministry of SMEs and Startups. It comes 61 days after Han Seong-sook stepped down. With the ministerial vacancy stretching beyond two months, changes are expected in the startup, small business, and venture policies the Ministry of SMEs and Startups (MSS) has been pursuing.
Presidential chief of staff Kang Hoon-sik held a briefing at the Chunchugwan press center at the Blue House that day and said Lee had been nominated as Minister of the Ministry of SMEs and Startups (MSS).
Kang said, "Nominee Lee So-young, a two-term lawmaker known for principled views, has built broad policy experience from innovation-driven growth to the everyday economy, including actively pushing legislation to support startups and protect small business owners."
He added, "Based on the capabilities accumulated so far and exceptional drive, we expect Lee to successfully lead the transition to a national startup era and the development and support of small business owners."
Born in 1985, the nominee graduated from the Department of Law at Sungkyunkwan University and passed the 51st bar exam in 2009. After working as an attorney, Lee worked at KIM&CHANG.
Ahead of the 2020 general election, Lee entered the National Assembly after being recruited by the Democratic Party as an expert in climate and environment. Lee won a second term in the 2024 general election.
The nominee is also considered close to President Lee. During the 2022 presidential election, for five months Lee served as on-site and traveling Spokesperson for then-presidential candidate Lee Jae-myung, joining campaign stops nationwide.
At the time, President Lee also expressed trust in the nominee, saying, "Among those who accompany me in the field, this person gives me the most direct and realistic advice."
In the National Assembly, the nominee has carried out legislative work including support for startups and protection of small business owners. This appointment appears to reflect professional expertise as a legal professional and policy experience built in the Assembly.
The Ministry of SMEs and Startups (MSS) has been operating under First Vice Minister Noh Yong-seok as acting Minister since Han Seong-sook stepped down on Jun. 30.
Amid the ongoing ministerial vacancy, pending issues the Ministry of SMEs and Startups (MSS) must address have piled up.
First, ensuring the steady rollout of the government's "Startup for All" program is a task. With trust in the program shaken by a recent personal data leak, follow-up support systems must be established and participants' concerns addressed.
Swiftly restoring the business health of small business owners and small and midsize companies suffering from weak domestic demand is also urgent. With management burdens rising due to high interest rates and subdued consumption, support measures are needed to help SMEs respond to industrial changes such as the transition to artificial intelligence (AI).
Revitalizing the venture and startup ecosystem is likewise a key task. It is necessary to draw in additional private capital to the venture investment market, which has recently shown signs of recovery, and to accelerate policies that back domestic startups' scale-up and overseas expansion.
The nominee is expected to be formally appointed after a National Assembly confirmation hearing.