Young entrepreneur may lead new ministry

By Kim Rahn

A young entrepreneur may lead the newly created ministry handling small- and medium-sized enterprises (SMEs) and startups, sources said Wednesday.

President Moon Jae-in pledged during his election campaign to elevate the Small and Medium Business Administration (SMBA) as an independent ministry. So it is expected Moon may pick a symbolic figure who can represent his focus on nurturing small companies.

A source from the ruling Democratic Party of Korea (DPK) said it is unlikely for a politician to become a minister of the new organization, which gained the official name of the Ministry of SMEs and Startups, Wednesday.

“Five ruling party lawmakers were already appointed as Cabinet members. Moon is unlikely to choose another incumbent lawmaker for the minister post,” the source said, adding the party leadership agrees on the stance.

The chances of naming a lawmaker have become slimmer after Rep. Kim Young-joo was recently picked as labor minister.

“Cheong Wa Dae is screening several candidates, and most of them are not politicians but experts in their field,” the source said. “It is a majority opinion that a person who knows the situation and hardships of startup companies should take the job.”

So the attention for possible nominees has been switched from lawmakers to professors and former government officials at economy-related ministries, while some expect a young entrepreneur to be named as a symbolic appointment.

Some on the potential minister candidate list are Yonsei University’s business school professor Rhee Moo-weon who helped Moon draw up election campaign pledges for measures to cope with the Fourth Industrial Revolution, Hanyang University’s business administration professor Han Jung-wha who led the SMBA from March 2013 to January 2016, and former DPK lawmaker Chun Soon-ok who was the head of the party’s special committee for small businesses during the 19th National Assembly.

A Cheong Wa Dae official said the nomination may take a few days, and will probably be announced next week. “We officially began screening candidates Tuesday when the revision on the government organization to establish the new ministry was proclaimed at the Cabinet meeting following the recent passage of the bill at the Assembly,” he said.

Creating the ministry to support SMEs, venture startups and micro-businesses was among Moon’s promises to nurture and spur startups and create jobs. The ministry will also have a department in charge of supporting self-employed people at small businesses such as restaurants and lodgings.