Deputy Prime Minister and Minister of Economy and Finance, Choi Sang-mok, requested the National Assembly to “swiftly pass major bills directly related to the competitiveness of our companies, including the Special Semiconductor Act.” He also asked the private sector to “proceed with the planned year-end events as scheduled.”
Choi made these remarks during an economic ministers’ meeting held at the Government Complex Seoul on Dec. 5. He emphasized, “We will make efforts to resolve the uncertainties surrounding the 2025 budget proposal and tax law amendments as quickly as possible,” adding, “swift processing is necessary for stabilizing people’s livelihoods and enhancing industrial competitiveness.” He further stated, “Not only the government and public institutions but also the private sector should proceed with planned year-end events as scheduled,” and added, “this will also lead to a recovery in domestic consumption.”
Additionally, during the meeting, the government announced measures to strengthen customized support for small business owners and self-employed individuals, as well as regulatory innovation plans to enhance corporate dynamism and promote new industries.
First, the government plans to execute a 10 trillion won New Start Fund next year for debt adjustment for self-employed individuals and small business owners. The loan conversion guarantee will also be doubled from 5 trillion won to 10 trillion won. To this end, the Ministry of Economy and Finance plans to expand the loan conversion guarantee provision from 5 trillion won by 2026 to 8 trillion won by 2027 and provide it to regional credit guarantee foundations. A new loan conversion guarantee program by the Korea Technology Finance Corporation will be established, injecting an additional 2 trillion won over three years from 2025 to 2027.
Furthermore, the Ministry of Economy and Finance announced an additional 200 billion won in low-interest loans for credit-vulnerable small business owners, increasing the total to 800 billion won. As a result, the number of loan beneficiaries is expected to increase from 25,000 to 33,000.
Measures are also planned to address “no-shows” and malicious reviews, identified as the “four major livelihood damages.” The Ministry of Economy and Finance plans to reflect specific penalty criteria and imposition types in the Consumer Dispute Resolution Standards, considering the characteristics of various food service industries in cooperation with the Fair Trade Commission. The issue of malicious reviews will be addressed by forming a “Small Business Livelihood Damage Response Team” with the participation of the Ministry of SMEs and Startups, the Fair Trade Commission, and the National Police Agency. Additionally, clear regulations will be established to exempt business owners from fines if customers use disposable items in the store due to a simple change of mind despite sufficient guidance. Local governments will be supported to relax the criteria for alley-type shopping districts, significantly increasing the number of places where Onnuri gift certificates can be used.
The government also plans to pursue a law amendment in the first half of next year to relax the conditions for establishing small business cooperatives from 50 to 30 promoters to activate small business cooperatives. They will also support easing the recognition requirements for hydrogen-specialized companies, institutionalizing vehicles applying future car easy swap technology, and attracting overseas talent for semiconductor fabless companies.
