April 19, 2024
Economy
Venture firms welcome new ministry for SMEs
[THE INVESTOR] Korean venture firms on June 9 welcomed the government’s plans to establish a new ministry to support small and medium enterprises.
During the election campaign, President Moon Jae-in pledged to launch a ministry-level government entity dedicated to championing local SMEs to help create jobs and better cope with the global industrial competition.
The Small and Medium Business Administration headed by a vice minister level official, currently handles affairs related to venture startups and SMEs.
“The new entity should shift to growth potential, technical skills and the globalization capability in the evaluation of venture startups rather than the current focus on sales and financial stability,” an owner of a big data firm said, declining to identify himself. “We hope the new ministry will help startups solve problems incurred by different regulations and standards held by several government agencies.”
Huh Young-koo, head of the policy bureau of the Korea Venture Business Association, said the new agency should come up with measures to help government agencies buy products of venture startups during the incubating period.
By Alex Lee and newswires (alexlee@heraldcorp.com)
During the election campaign, President Moon Jae-in pledged to launch a ministry-level government entity dedicated to championing local SMEs to help create jobs and better cope with the global industrial competition.
The Small and Medium Business Administration headed by a vice minister level official, currently handles affairs related to venture startups and SMEs.
“The new entity should shift to growth potential, technical skills and the globalization capability in the evaluation of venture startups rather than the current focus on sales and financial stability,” an owner of a big data firm said, declining to identify himself. “We hope the new ministry will help startups solve problems incurred by different regulations and standards held by several government agencies.”
Huh Young-koo, head of the policy bureau of the Korea Venture Business Association, said the new agency should come up with measures to help government agencies buy products of venture startups during the incubating period.
By Alex Lee and newswires (alexlee@heraldcorp.com)
