Minister So Young Lee Inaugurated as SME Minister: "We Will Remove Barriers to Challenge Like a Startup Within Government"

"I Will Be a Regulatory Reform Minister Who Stands with the Field and Innovation"Calls on Ministry Staff to Embrace the Role of a "Startup Within the Government"

So Young Lee, Minister of SMEs and Startups, stated at her inauguration ceremony on the 28th, "We will boldly remove regulations that hinder challenges, manage the excessive business burdens of small business owners, and systematize our policies."

So-Young Lee, Minister of the Ministry of SMEs and Startups, is speaking during a visit to the National Merchants Association in Suwon, Gyeonggi Province on the 23rd. Ministry of SMEs and Startups

At the inauguration ceremony held at the Government Complex Sejong on the same day, Minister Lee emphasized, "For Korea's true growth, we must eliminate irrational regulations that restrict the growth of our companies." She added, "Even if this conflicts with existing industries or practices, I will be a 'minister of regulatory reform' who stands with the field and innovation and raises my voice."

Minister Lee, who has consistently emphasized regulatory reform since her nomination, said, "There should be no cases where new initiatives are blocked by regulatory barriers," and pledged, "I will spare no effort to discuss and persuade other ministries that hold regulatory authority." Minister Lee also highlighted her intention to speak out on capital market policy and focus on revitalizing the role of venture capital.

Regarding SME support policies, Minister Lee stressed, "In the era of artificial intelligence and amid tremendous growth momentum, SMEs must become assertive agents in their own right." She added, "From the initial stages of designing national strategic industries and large projects, SMEs should be able to participate as main actors. The benefits of national investment and innovation should flow throughout the entire industrial ecosystem, and not remain solely with large corporations."

Minister Lee promised to strengthen the safety net for the self-employed through more systematic policies aimed at managing the excessive business burdens faced by small business owners. She explained, "Business burdens that weigh heavily on small businesses—such as rent, labor costs, interest payments, and platform fees—must be quantified as objective indicators, and the government should oversee their management," and stated, "Various policies to ease these burdens will be systematized."

Regarding the role of the Ministry of SMEs and Startups, Minister Lee defined it as the "ministry that sets the direction" at the crossroads of the AI transformation and called for breaking free from traditional frameworks. She said, "The issues we address are essentially the livelihoods of all our citizens; resolving polarization is precisely the task of this ministry. The moment we draw a boundary by saying 'this is not within our jurisdiction,' no one takes responsibility for issues on the ground."

She continued, "Whether the issue is finance, labor, distribution, or platforms—if it is a matter that affects the lives of our SMEs and small business owners, our ministry should be the first to raise and solve these problems. True to our status as a young ministry approaching its 10th anniversary, we must break out of old molds and boldly expand our role."

Minister Lee urged her ministry staff to "work like a startup within the government." She promised, "I will create an organization where new ideas are respected and work is recognized according to performance. I want to have direct discussions with all of you, regardless of title or rank. I will focus on which ideas are better, rather than who proposed them. If there is a better answer, I will gladly change my view."

She underscored the responsibility of her role as minister by stating, "I will be a minister who places responsibility before authority. Especially for work that requires clashing with other ministries, entails sharp conflicts of interest, or where no one is willing to step forward, I will take the lead." She added, "The fact that the government has never tried something before is not a reason to avoid it, but rather a reason to try. Even if it's a small step, we'll start first, check the results, quickly correct mistakes, and boldly expand what proves to be effective."

The Ministry of SMEs and Startups will mark its 10th anniversary next year. Minister Lee concluded, "The next ten years must be a period during which SMEs, ventures, startups, and small business owners become proud leaders of our economy. Let us work together enthusiastically, truly living up to our name as the 'startup within the government'—the Ministry of SMEs and Startups."

© The Asia Business Daily. All rights reserved. Unauthorized AI training and use prohibited.