Deputy Prime Minister Choo Kyung-ho to attend the 2022 Asian Development Bank (ADB) Annual Meeting
Deputy Prime Minister and Minister of Strategy and Finance Choo Kyung-ho departed for Manila, Philippines on September 28 to attend the 55th Annual Meeting of the Asian Development Bank (ADB) in 2022.
This year's meeting was scheduled to be held in Colombo, Sri Lanka, the current chair country, but due to the recent situation in Sri Lanka, it was held at the ADB headquarters in Manila, Philippines.
During this business trip, the Deputy Prime Minister held a meeting with key economic figures such as ADB President Masatsugu Asakawa and Philippine Finance Minister Benjamin Diokno. As a representative of the Korean government, various public relations efforts were made in relation to the annual meeting.
The meeting was held in Manila, Philippines, in a face-to-face and video format from September 26 to 30, and many high-level economic figures such as top officials from 68 ADB member countries, finance ministers and central bank governors attended in person despite the pademic situation. The Deputy Prime Minister attended the ADB Business Session held on September 29 and participated in discussions on major agendas on the table such as ADB operation performance for 2021 and the annual budget.
In a meeting with the Philippine finance minister, he discussed the renewal of the EDCF basic agreement to increase the EDCF loan support limit for the Philippines from $1 billion to $3 billion for five years ('22-'26), while discussing the renewal of the 2030 Busan World Expo. He asked for the Philippine government's interest and support for hosting the World Expo.
Small and Medium Business Leaders' Forum held, "Seeking 100-year growth vision"
The K-BIZ held the opening ceremony of the '2022 Small and Medium Business Leaders Forum' at Lotte Hotel Jeju on September 27, and started to seek out roles and visions for the new 100 years.
Ki-moon Kim, Chairman of the K-BIZ selected the following as the achievements of the SME policy: ∼ Pilot operation of unit price indexation system ∼ Inauguration of ‘Special Committee for Coexistence of Large and Small Businesses’ under the direct control of the President ∼ Improvement of the corporate succession system (extension of limits, relaxation of requirements, etc.) ∼ Establishment of the foundation for self-reliance of cooperatives (Enactment of local government support ordinance, etc.)
President Yoon Seok-yeol delivered congratulatory remarks through Lee Kwan-seop, chief of state affairs planning in the presidential office.
Yoon said, "Small and medium-sized enterprises, ventures, and small business owners are responsible for 99.9% of the total number of companies and 81.3% of jobs. Although the pain is deepening due to complex crises and natural disasters before the wounds of COVID-19 heal, we will do our best to turn the current economic crisis and difficulties into opportunities. At the end of July, the family business succession and tax reform allowed small and medium-sized enterprises to grow freely. We will establish the value of win-win and fairness by spreading the unit price interlocking system, which is the long-cherished dream of small and medium-sized enterprises, and lay a stepping stone for large and small businesses to move forward together. For innovative growth led by the private sector, support budgets such as R&D will be expanded and supported."
He is planning to launch a regulatory reform in order to resolve the legal uncertainty that shrinks the business activities of companies. He promised to promote the clarification of the duties of the manager in the Serious Accident Punishment Act, and to induce the improvement of rigid working hours and reorganization of the wage system.
He said "We will not let go of tension, considering that the high uncertainty in the financial and foreign exchange market is likely to continue for a considerable period of time. Although there is a limit to responding to external factors for inflation, the government should mobilize all available means with price stability and livelihood stability as the top priority in the policy."
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