Kim Ki-moon, chairman of the Korea Federation of SMEs (KBIZ), said he will step down when his current term ends in February next year.
"I will conclude my chairmanship at the end of this term," Kim said in a statement Thursday, adding that he hopes "the current system regarding the KBIZ chairman's term will be maintained." His remarks came in response to a proposed amendment to the Small and Medium Enterprise Cooperatives Act currently under discussion in the National Assembly.
The National Assembly is reviewing the amendment, which would eliminate term limits for the KBIZ chairman. The bill, introduced by Rep. Jeong Jin-wook of the Democratic Party of Korea, proposes removing reappointment restrictions for both the KBIZ chairman and heads of SME cooperatives. The proposed legislation opened the possibility of a third consecutive term for Kim, sparking debate within the industry.
"I have already stated at the staff New Year's ceremony and through a meeting with the former union chairman that I have no intention of running for the chairmanship again," Kim said. He explained that he had refrained from expressing his position on the amendment "out of respect for the wishes of some members and cooperative heads."
"For the remainder of my term, I will do my best for small and medium-sized enterprises and small business owners facing difficult conditions, including the Middle East conflict," he added.