Nominee So Young Lee: "I Will Usher in a National Startup Era Through Regulatory Reform and Restoring Trust in Capital Markets"

Emphasizing the Role of the Ministry of SMEs and Startups in Regulatory Reform Clarifying the Role of SMEs in National Projects Pledging to Establish a Roadmap for Cost Structure Reform for Small Business Owners

So Young Lee, nominee for Minister of SMEs and Startups, stated on the 15th, "I am determined to usher in a 'National Startup Era' where everyone can take on challenges and grow, through bold regulatory reforms and restoring trust in the capital markets."

SoYoung Lee, nominee for Minister of SMEs and Startups, is delivering an opening statement at the confirmation hearing held at the National Assembly on the 15th. 2026.09.15 Photo by Dongjoo Yoon

Lee made these remarks during her opening statement at the confirmation hearing held by the National Assembly's Trade, Industry, Energy, SMEs, and Startups Committee in Yeouido, Seoul, that morning. She further emphasized, "We must not become a society that blocks new things simply to preserve the traditional order," adding, "If there are regulations that hinder the challenges of businesses, I will find solutions from the perspective of companies and citizens, regardless of which ministry has jurisdiction."

Regarding regulations on KOSDAQ, which plays a role in providing growth capital for small and medium businesses, Lee pledged, "I will restore trust in the KOSDAQ market and create an environment where new funds flow in. I will not consider this solely a matter for the Financial Services Commission, but instead will speak out on behalf of SMEs and startups."

Lee also expressed her view that the role of small and medium enterprises must be clearly defined to respond to changes in the industrial environment, including AI transformation and carbon neutrality. According to her, the roles of SMEs and startups need to be further specified and clarified within three growth projects for national progress.

She continued, "The ripple of growth must spread to SMEs and startups through the three major mega projects, the seven SEED initiatives, and the 5-pillar, 3-specialized growth engine strategies." The "Seven SEED" refers to projects that foster future growth engines such as Small Modular Reactors (SMR), nuclear fusion, renewable energy, quantum, space and aerospace, advanced bio, and advanced supply chains.

She added, "I will focus on supporting the AI transition at SME manufacturing worksites to fundamentally improve productivity." She continued, "We will also expand the support system and transition to carbon reduction facilities, as well as broaden R&D support, so that SMEs can proactively respond to global carbon regulations and the expansion of ESG (environmental, social, and governance) disclosure requirements."

Regarding policies for small business owners, Lee proposed "reforming the cost structure faced by small business owners and self-employed individuals." She plans to systematically quantify the burdens on self-employed business managers and establish a "cost structure improvement roadmap" to effectively lower them. She also said, "Even within public food delivery app policies, we will create new competitiveness and alternatives so that consumers can have genuine choices."

During the hearing, issues are expected to be raised regarding suspicions that Lee paid 70 million won in consulting fees for parliamentary activity consulting to a consulting firm with a vacant corporate registry, allegations that Lee made a profit from a "non-residential single home" apartment in Seodaemun-gu, Seoul, and controversy over her spouse making an interest-free loan of 223.1 million won to Lee's mother.

Debate is also anticipated over the fact that, as a National Assembly member, Lee previously sponsored bills to strengthen corporate regulations, which appears to conflict with her current policy direction as a ministerial nominee, as well as over the question of her expertise for the role of Minister of SMEs and Startups.

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