2025 Incheon Small and Medium Enterprise Entrepreneurs Conference

I sincerely congratulate you on the 5th Small and 

Medium Enterprise Entrepreneurs Conference, 

and I extend my deepest gratitude and encouragement 

to all the SME businesspeople and their families 

who work so hard on the front lines of industry. 

Watching today’s video, I was once again 

deeply moved by the remarkable growth of the Republic of Korea. 

In our short history, the Republic of Korea 

has achieved growth beyond even the Miracle on the Hangang River. 

Among more than 230 countries worldwide, our country now ranks sixth 

in per capita income among nations with populations over 50 million. 

Only the United States, United Kingdom, Germany, France, and Italy 

are ahead of us, while Japan’s per capita income is now lower than ours.

Building on this economic strength, the Republic of Korea 

has risen to become the world’s sixth strongest nation 

in every respect, including military and cultural influence. 

In terms of military power, we are ranked sixth 

after the United States, China, Russia, the United Kingdom, and Germany. 

Just the other day, Squid Game Season 3 was released 

and became number one in 93 countries in just one day

—a true testament to the Republic of Korea’s standing on the global stage.

However, the reality is not one in which we can simply smile. 

A low-growth trend continues—negative growth in the first quarter, 

a slowdown in exports, sluggish domestic demand, 

heightened instability due to external factors, and expected difficulties 

from the Trump administration’s tariff policies in the United States. 

Incheon is also feeling these effects, 

and the local economic situation in the first quarter has not been good. 

Even so, Incheon recorded an economic growth rate of 4.8% last year, 

the highest in the Republic of Korea. 

That is nearly three times the national average of 1.4%.

In particular, Incheon leads the nation in population growth, 

taking the initiative in overcoming the chronic problem of low birth rates.

Yesterday, the first move-in ceremony for the 1,000-won House program was held, 

attended by the Vice Chair of the Presidential Committee on Ageing Society 

and Population Policy, and it has become a “hit product” in the Republic of Korea. 

Thanks to the 1,000-won House program, which aims to supply 1,000 units, 

Incheon’s number of newborns increased by 11.6% last year, 

and as of April this year, that figure has risen 15.1% 

compared to the same period last year—an overwhelming result.

Nevertheless, the reality is that we cannot ignore the hardships

facing people’s livelihoods and the challenges faced by small and medium enterprises. 

I would like to take this opportunity to encourage all of us to once again tighten 

our shoelaces and work together to restore the local economy and revitalize our SMEs. 

Incheon Metropolitan City will take the lead in these efforts.

This year, Incheon is operating a total of 400 billion won in support funds,

 including 200 billion won for the SME Management Stabilization Fund. 

In addition, the 1,000-won Delivery Service, which started yesterday, 

is the Republic of Korea’s first half-price parcel delivery program, 

and has already increased sales for small business owners 

by 14% since last year, gaining tremendous popularity. 

Through this and a variety of other policies, 

we will continue to empower our SME businesspeople and small merchants.

Incheon, there are 420,000 SMEs—including small merchants—

and about 1 million citizens work in this sector. 

As the term “9988” suggests, SMEs account for 99% of all businesses 

and 88% of all employees in the Republic of Korea. 

They are the engine of our economy 

and the truest indicator of our citizens’ quality of life. 

Without the revitalization of SMEs, 

we cannot expect further economic development 

or improvements in quality of life for our people. 

For this reason, Incheon City promises to do everything 

possible to help our SMEs develop and grow.

As Chairman Hwang Hyun-bae mentioned, 

there are currently several regulations that make things difficult for SMEs

—including the Serious Accidents Punishment Act, 

the 52-hour workweek, and the Yellow Envelope bill. 

However, I am not here today to make a political statement. 

In meeting many SME business owners, I often hear them say, 

“Don’t try to help us—please, just don’t make things harder for us, 

and please stop with unnecessary regulations.”

The path forward for the Republic of Korea’s economy is to strengthen the free market. 

That is my philosophy. Rather than seeming to help by managing and controlling, 

what is most important is allowing the market to operate according to its own principles. 

As I advocated during the last presidential election 

for the enactment of the Basic Act on the Free Market Economy, 

now is the time for the market to work by its own logic, 

and the era of excessive involvement and interference 

by national or local government is over.

As long as I am the Mayor of Incheon, I will do my utmost to reduce 

and eliminate regulations, and to fully support our entrepreneurs so they can thrive. 

I hope today’s conference has given you even a small glimmer of hope, 

and that through this kind of city governance, 

Incheon will not only be the city with the highest economic growth rate 

in the Republic of Korea and the nation’s second-largest economic center after Seoul, 

but will also become the number one city for quality of life, 

and the best city for doing business. 

Everyone, stay strong! Thank you.