] Small and medium enterprises have urged President Moon Jae-in to help maintain their competitiveness, business watchers said on May 18.
One of the forefront campaign promises by Moon was to elevate the status of the Small and Medium Business Administration to the so-called Ministry of Small and Medium Venture Business. The president has also pledged to shorten legal work hours as a means to promote job sharing.
The Korean Federation of SMEs has asked that the promoted ministry be given broad authority enabling it to formulate industrial policies.
“All tasks related to industrial policy held by the Ministry of Trade, Industry and Energy should be transferred to the SME ministry,” the federation’s chairman Park Seong-taek said.
“There has to be a two-track approach, with the new ministry managing day-to-day developments on the corporate front while MOTIE handles broader policy.”
By Alex Lee and newswires (email@example.com