Ministerial Nominee Lee So-young: "There Should Be No Regulations Blocking New Attempts... Unreasonable Regulations Must Be Rationalized"

[Financial News] Lee So-young, nominee for minister of the Ministry of SMEs and Startups, said unreasonable regulations that hinder the growth of venture companies must be removed. She also stressed that the role of small and medium-sized enterprises and venture companies should be spelled out more specifically in the government’s major national growth strategies.
After meeting with Ki-Moon Kim, chairman of the Korea Federation of SMEs, at the federation’s office in Yeouido, Seoul, on the 4th, Lee So-young told reporters, "The essence of regulatory reform is to ensure that new services and new attempts themselves are not blocked by blanket regulations or ex post regulations."
On her first day reporting to work on the 31st of last month, Lee So-young had said, "Beyond supporting small and medium-sized enterprises and venture companies, I will devote my capabilities to easing regulations with the mindset of being the minister of regulatory reform."
However, she pointed out that regulations designed to protect small and medium-sized enterprises and small business owners must be distinguished from those that hinder innovation by venture companies.
Lee So-young emphasized, "In the areas involving small and medium-sized enterprises and small business owners, a certain level of protection and reasonable regulation is necessary in the relationship between large and small and medium-sized enterprises, as well as between large companies and small business owners. Regulatory reform means retaining necessary regulations while rationalizing unnecessary and unreasonable ones."
She also called for concrete plans to ensure the participation of small and medium-sized enterprises and venture companies in the government’s Three Mega-Projects, Seven Seed Projects, and Five-Region, Three-Special-Area Growth Strategy.
Lee So-young stressed, "It is true that national growth strategies so far have been designed around large companies serving as anchors. For a historic leap-forward growth project to change the lives of all citizens and open up new opportunities, rather than benefiting only a small number of employees at large companies, the role of small and medium-sized enterprises and venture companies must be further specified and clearly stated."
She added, "If I am appointed minister of the Ministry of SMEs and Startups, I will ensure that the ministry actively participates and consults with other ministries so that the role of small and medium-sized enterprises can be further specified and clearly stated in the Three Mega-Projects, Seven Seed Projects, and Five-Region, Three-Special-Area Growth Strategy."
Lee So-young strongly rejected criticism that she had no record of sponsoring bills concerning legislation under the jurisdiction of the Ministry of SMEs and Startups. Choi Su-jin of the People Power Party had previously pointed out that Lee had never been the lead sponsor of bills related to key laws under the ministry’s jurisdiction, including the Framework Act on Micro Enterprises, the Framework Act on Small and Medium Enterprises, and the Act on the Promotion of Venture Businesses, during her parliamentary career.
Lee So-young emphasized, "The laws that directly affect the difficulties faced by small and medium-sized enterprises and venture companies are scattered across all ministries, not just the Ministry of SMEs and Startups. The fact that I did not introduce bills under the ministry’s jurisdiction has nothing to do with whether I made legislative efforts for small and medium-sized enterprises."
Referring to her experience as the ruling party’s secretary on the Special Committee on Budget and Accounts of the National Assembly, she countered, "I have directly reviewed every budget program carried out by the Ministry of SMEs and Startups and led efforts to increase or cut their funding. I would cautiously say that I may have a better understanding of budgetary activities than other lawmakers."
[email protected] Lee Ju-mi Reporter