The new ministry’s core business of is to bring out an innovative economy centered on small and medium-sized enterprises (SMEs) and venture start-ups by correcting the nation’s economic structure which favored big business over small ones so that the structure has been called “an unlevel playing field.” It is anticipated that the ministry will pursue a comprehensive policy to promote and protect SMEs and build venture and entrepreneurial ecosystems by executing its right to promote a bill and control its budget.
Policies on small-and medium-sized enterprises, venture start-ups and business foundation that had been scattered among various ministries will be transferred to the Ministry of Small and Medium Venture Business. The ministry will handle work of the creative economy which belonged to the Ministry of Science, Technology and ICT (formerly the Ministry of Future Creation Science), receive work about industrial human resources, local industries, enterprise cooperation from the Ministry of Industry and Commerce, the Ministry of Industry and manage the Technology Guarantee Fund.
As creative economy-related work is transferred to the Ministry of Small and Medium Venture Business, all 18 Creative Economy Innovation Centers nationwide that are in the future will be transferred to the new ministry. As the Ministry of Small and Medium Venture Business will manage the Technology Guarantee Fund, policy funding for SME venture companies will become smoother. The Korea Productivity Center, which was originally scheduled to be transferred to the Ministry of Small and Medium Venture Business, will stay in the Ministry of Commerce, Industry and Energy as the opinions of the center were accepted.
Instead, the Small and Medium Business Administration’s work about mid-sized firms will be handed over to the Ministry of Commerce, Industry and Energy. This means that the Ministry of Small and Medium Venture Business should concentrate on tasks about small and medium-sized firms, venture start-ups and the foundation of businesses. Some complex tasks that are difficult to distinguish whether they are work about small companies or mid-sized ones will be coordinated through consultations between ministries.