Voluntary Initiative by Large, Medium, and Small Enterprises to Fully Promote Localization of 'Sobu-jang'

The 3rd Large and Small-Medium Enterprise Win-Win Council Meeting Held, First Deliberation and Resolution of Win-Win Model

[Asia Economy Reporter Kim Cheol-hyun] Based on the win-win cooperation between large corporations and small and medium-sized enterprises (SMEs), the localization of materials, parts, and equipment technology will be actively promoted. The Large and Small Business Win-Win Council held its 3rd meeting on the 13th, attended by Park Young-sun, Minister of SMEs and Startups, and discussed four win-win models between large corporations and SMEs, including the localization of high-strength industrial material additives. On this day, the Win-Win Council resolved to request government support for technology development and policy funds.

The win-win models approved at this meeting for the localization of materials, parts, and equipment include four items: high-strength industrial material additives, special yarn manufacturing equipment, high-performance and wear-resistant control valves, and cartridge-type electronic control valve development. These technologies have already established close cooperative relationships through mutual cooperation agreements (MOUs) between SMEs and large corporations. Currently, most rely on imports, so if localization of these technologies succeeds, it is expected to achieve self-reliance in the domestic market as well as overseas exports.

Additionally, the Large and Small Business Win-Win Council plans to regularly hold industry-specific technology purchase consultations in cooperation with the SME sector for displays, automobiles, machinery, and other fields to continuously discover win-win models. Furthermore, the large corporations participating in the Win-Win Council on this day agreed to actively participate in the council’s activities through purchase-conditional technology development, public-private joint technology development, and the SoBuJang Venture Fund.

Chairman Hwang Cheol-ju stated, "These win-win models are significant as they represent cases where large and small enterprises have voluntarily cooperated by reflecting on-site demands, and we will continue to discover win-win models between large and small enterprises centered on the Win-Win Council in the future." Minister Park Young-sun said, "It is urgent to localize areas with high import dependency, and the optimal method for this is the large and small business win-win model," adding, "We plan to provide wholehearted support to ensure the success of the newly discovered localization win-win models."

This content was produced with the assistance of AI translation services.