Five candidates who are running for the position of 26th chairman of Korea Federation of Small and Medium Business (K-BIZ) all agree on issues such as increase in minimum wage, reduction of working hour, and abolition of weekly holiday allowance.
Korea Federation of Small and Medium Business (Chairman Park Sung-taek) held a ‘open debate for candidates for the next chairman of Korea Federation of Small and Medium Business’ on the 20th.
CEO Lee Jae-han of Hanyong, Chairman Kim Ki-moon of J.Estina, CEO Joo Dae-cheol of Sejin Telesys, CEO Lee Jae-kwang of Kwangmyung Electric, and CEO Won Jae-hee of Plumbfast announced their stances on current issues and their policies through questions by groups of reporters and a question time between candidates along with their campaign speech.
Each candidate agreed on increase in minimum wage, application different minimum wage on foreign workers, and abolition of weekly holiday allowance. However, their stances were different on smaller policies.
Establishment of banks specializing in small and medium businesses was raised as a solution to financing that is seen as the most difficult issue faced by small and medium businesses. CEO Lee Jae-han of Hanyong promised that he would establish an internet-only bank with $267 million (300 billion KRW) in capital by working with IBK Bank. On the other hand, Chairman Kim Ki-moon of J.Estina proposed establishment of K-BIZ bank in a form of a normal commercial bank.

Photo Image
<Open debate for the 26th chairman position of Korea Federation of Small and Medium Business took place on the 20th. Candidates are taking a pose before the debate. Starting from the left: candidate Lee Jae-han, candidate Kim Ki-moon, Chairman Kim Ki-soon of Korea Federation of Small and Medium Business’ Election Management Committee, candidate Joo Dae-cheol, candidate Lee Jae-kwang, candidate Won Jae-hee. Staff Reporter Lee, Donggeun | foto@etnews.com>

CEO Joo Dae-cheol of Sejin Telesys proposed establishment of a financial institution utilizing deduction worth $8.91 billion (10 trillion KRW). CEO Won Jae-hee of Plumbfast proposed that funds from KDB (Korea Development Bank) that are mostly used for restructuring of major businesses should be used to support small and medium businesses.
Candidates also had disagreements on ways to utilize Kaesong Industrial Complex as South Korean Government is set to resume its economic cooperation with North Korean Government.
While CEO Kim Ki-moon of J.Estina suggested about setting second and third Kaesong Industrial Complex in Haeju or Nampo and Najin and Sunbong due to lack of laborers near Kaesong, CEO Joo Dae-cheol of Sejin Telesys suggested about preparing an industrial complex within demilitarized zone. CEO Joo is claiming that industrial complex needs to be preserved just to prepare against contingencies. CEO Lee Jae-kwang of Kwangmyung Electric emphasized that there needs to be a compensation system and legal basis in advance while opposing establishment of additional industrial complexes.
Candidates also promised that they will enhance support for small and medium businesses regarding exportation by transferring control of KOTRA (Korea Trade-Investment Promotion Agency) to Ministry of SMEs and Startups. Candidates Lee Jae-han, Kim Ki-moon, and Joo Dae-cheol emphasized the importance of this move while saying that KOTRA is vital for pioneering foreign markets for small and medium businesses.
Korea Federation of Small and Medium Business is the only one out of four economic groups that elects its chairman through an election. Election will take place on the 28th. Term for its chairman will last four years.
Staff Reporter Park, Jungeun | jepark@etnews.com