Lee So-young, the nominee for minister of SMEs and startups, said on the 15th that "the KOSDAQ market is the very artery through which small and venture businesses grow," pledging to help revitalize the market so that smaller companies can raise growth capital.
In opening remarks at a confirmation hearing before the National Assembly's Trade, Industry, Energy, SMEs and Startups Committee that day, Lee said, "I will restore the lost confidence in the KOSDAQ market and bring in new capital." She added, "I will not treat this as a matter for the Financial Services Commission alone, but will speak up on behalf of small and venture businesses." She also said, "I would like to hold a public debate with the FSC chairman."
Lee also signaled a commitment to deregulation. "I would like to argue with the ministers of regulatory agencies at Cabinet meetings about startup regulations," she said. "That would not be discord or conflict, but a demonstration of the diversity and health of the South Korean government." She added, "I want to find good deregulation items that will help the world."
Earlier, after her nomination as minister last month, Lee said she would "make sure that regulatory setbacks like the shutdown of ride-hailing service Tada never happen again in South Korea," adding that she would "ease unreasonable regulations with the mindset of a minister of regulatory reform."
The hearing also took up the cost structure of small business owners and the burden of platform commissions. Citing her experience helping out at a restaurant run by her mother, including waiting tables, Lee said, "In the case of a fried chicken shop, more than 20 items go out as costs, so even earning 190 million won a year leaves only about 20 million won."
Lee said she would build a "cost structure improvement roadmap" that turns the management burden on the self-employed into measurable indicators. "This would allow us to craft policies that keep cost increases below the inflation rate," she said. On platform commissions, she proposed disclosure of information by private platforms and stronger competitiveness for public delivery apps.
