Lee So-young formally began her term as South Korea’s Minister of SMEs and Startups after President Lee Jae-myung approved her appointment. Small-business, SME, venture and venture-capital groups welcomed the inauguration while calling for measures to reduce cost pressures, streamline regulations, strengthen digital and AI adoption, and improve financing and exit conditions for growing companies. The groups also urged policies addressing annual business closures, social protections for small business owners, platform-sector relationships, KOSDAQ market reform and greater private institutional investment in venture capital. Lee has said she will seek answers from businesses and merchants in the field and act decisively when needed.