SME Industry "Welcomes President's Will for 'Definite Change'"
SME Central Association Expresses Small Business Sector's Position on President's New Year's Address
[Asia Economy Reporter Kim Cheol-hyun] The small and medium-sized enterprises (SME) sector welcomed the president's determination on the 7th to bring about "definite change" in "inclusion," "innovation," and "fairness."
On this day, the Korea Federation of SMEs issued a commentary on the president's New Year's address, stating this. In the commentary, the SME sector diagnosed, "Recently, our economy's growth rate has stagnated due to sluggishness in key real economy indicators such as exports, investment, and production, and uncertainties in the global economy continue into the new year due to US-China trade conflicts and tensions between the US and Iran."
Regarding the president's New Year's address in this situation, the SME sector said, "Resolving the sluggish employment in manufacturing and strengthening regulatory innovation and investment incentives to enable the private sector to create more jobs is expected to expand the innovation engine of our economy." In particular, "The president's determination to solidify the foundation of the 4th Industrial Revolution through fostering new industries such as system semiconductors, bio-health, and future cars is interpreted as Korea's resolve to mark the first year of the digital economy," they evaluated.
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However, the SME sector urged that since the competitiveness of new growth industries also starts from traditional root industries, attention to traditional manufacturing industries should not be forgotten so that traditional industries and new industries can create a synergy effect. The SME sector said, "Since co-prosperity and leap forward with the two wings of SMEs and large enterprises is set as the top priority, we hope that the effects of policies can be felt on the ground," and "the SME sector will also strengthen corporate capabilities as a core subject of innovation and a new growth alternative for the Korean economy and contribute to job creation," they emphasized.
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