[1] As of February 2021, Lee Young, a member of the National Assembly and People Power Party, has been appointed as the South Korean Minister of SMEs and Startups.

[2] The South Korean Ministry of SMEs and Startups is dedicated towards supporting the innovation, growth and security of small-to-medium sized and micro enterprises.

In order to achieve this, the Ministry provides support for expanding the marketing structure for SME products through help with sales strategies, design development, etc.

[5] The MSS also helps to promote the overseas expansion of SMEs, as increased exports and domestic employment is heavily beneficial for their national economy.

For example, the Ministry carries out the Export Voucher Programme which provides selected small and medium enterprises with support packages to aid in global expansion.

[7] Furthermore, in order to improve the environment of traditional South Korean markets, the Ministry conducts fire safety inspections, aids in rehabilitation and provides shopping and delivery services to attract customers.

[14] Small and medium enterprises have played a fundamental role in South Korea’s rapid economic development, making up 99.9% percent of businesses in the country and employing nearly 88% of the workforce.

This is now changing as the South Korean legal system is moving to promote and support SMEs in order to strengthen their economic role in the country’s development.

Consolidates a ‘win-win’ type of cooperation between large enterprises and SMEs to increase competitiveness and attain shared growth, while laying a foundation of sustainable national economic development.

Facilitates the modernisation of the facilities and management of traditional markets and shopping districts in order to revitalise local business areas and contribute to national economic growth.

Promotes the business conversion of SMEs that suffer difficulties due to changes in the economic environment, enhancing competitiveness and upgrading the industrial structure.