Nominee Lee So-young for Minister of the Ministry of SMEs and Startups said Lee would actively consult and persuade other ministries to remove regulations that block innovation by small and venture corporations. While the Ministry of SMEs and Startups is not a ministry that directly handles regulations, the intent is to recognize resolving regulations that hinder corporate activities as an important role of the ministry and to take active steps.
On the 10th, the nominee visited the Venture Business Association in Guro District, Seoul, met with Chair Song Byung-jun and others for tea, and told reporters, "The Ministry of SMEs and Startups (MSS) is not a regulatory ministry," adding, "Most regulations that hinder the activities of corporations and block new attempts are held by other ministries." Lee continued, "It would not be an overstatement to say there are no regulations the MSS can resolve on its own," but emphasized, "I will not leave corporations trying new things to struggle alone in isolation."
The nominee made clear that, if taking office as Minister, Lee would regard removing unreasonable regulations of other ministries as part of the role of the Ministry of SMEs and Startups (MSS). Lee said, "If necessary, I will debate with and also play a role in persuading the Ministers of regulatory ministries."
The nominee also said Lee would speak out actively on the capital market, seeing it as a core infrastructure that supports the growth and exit of small and venture corporations. Lee stressed that the KOSDAQ market should not be viewed only from a financial-market perspective, but approached from the standpoint of the growth of small and venture corporations.
The nominee said, "It is true that until now we have viewed the KOSDAQ market only from the financial-market level and have made and overseen policy accordingly," adding, "Because the capital market, especially KOSDAQ, is such an important market for small and venture corporations, we cannot look at it only from the perspective of the financial market and draw up policy." Lee emphasized, "I will be an MSS Minister who speaks up on KOSDAQ and the capital market."
Lee also said the nominee would speak up proactively on the recently discussed tightening of delisting criteria and the KOSDAQ promotion and relegation system, as they affect both small and venture corporations and existing investors. The nominee said, "I will not leave it as a matter for other ministries but will actively convey views on what small and venture corporations are concerned about and what is needed to protect investors in existing listed corporations," adding, "If necessary, I will also debate with the chair of the Financial Services Commission (FSC)."
Lee also stressed the need to expand the inflow of private funds into the venture investment market. The nominee assessed, "Although the scale of venture investment has reached an all-time high and may look good by various indicators, in fact a significant part of that movement has been driven by government-led fiscal input." Lee added, "Fundamentally, more inflow of risk capital needs to occur from the private sector," and said, "Beyond government-led fiscal input, we need to further refine various systems so that more funds can flow in from the private sector."
On working-hours regulations, Lee said the nominee would actively listen to voices in the venture and startup sector. The nominee said, "I think there are reasonable and valid parts in the sector's concerns about working-hours regulation," adding, "From the standpoint of the nature of work and tasks, I will listen closely to whether there are areas where working-hours regulations can be made a bit more rational." Lee added, "At the government level, the agenda on this issue has recently returned to the policy table, and as such, we will actively consider whether there are areas where the MSS should speak up."