Korea Federation of SMEs and Productivity Headquarters Sign MOU on 'Responding to the 4th Industrial Revolution'

Kim Ki-moon, President of the Korea Federation of Small and Medium Business (right), and Noh Kyu-sung, President of the Korea Productivity Center, are attending a business agreement ceremony to enhance the productivity and competitiveness of small and medium enterprises at the Korea Federation of Small and Medium Business in Yeouido, Seoul, on the 28th, and are posing for a commemorative photo.

[Asia Economy Reporter Kim Daeseop] The Korea Federation of Small and Medium Business (KSMB) announced on the 28th that it has signed a 'Business Agreement for Enhancing Productivity and Competitiveness of Small and Medium Enterprises' with the Korea Productivity Center (KPC).

At the business agreement ceremony held at the KSMB headquarters in Yeouido, Seoul, the two organizations agreed to jointly work on discovering policy tasks and providing educational support for small and medium enterprises to respond to the 4th Industrial Revolution.

They will also cooperate to create an innovative environment for SMEs by supporting on-site innovation activities and follow-up management for establishing cooperative and SME smart factories, providing education to improve SME productivity, conducting research and surveys, discovering best practices, and collaborating on fair pricing for SME supply contracts.

Kim Gi-moon, Chairman of KSMB, stated, "Although SMEs play a significant role as agents of radical innovation with the emergence of the 4th Industrial Revolution paradigm, most SMEs are unable to respond due to deteriorating business conditions such as sluggish domestic demand and labor issues. KSMB will work with the Korea Productivity Center to establish a step-by-step innovation foundation so that SMEs can embrace and respond to the 4th Industrial Revolution as an opportunity."

No Gyu-sung, Chairman of the Korea Productivity Center, said, "Our country's productivity and economic growth are stagnant, and without improving SME productivity, it is difficult to find a new breakthrough for our economy. We expect that through cooperation with KSMB, the digital innovation of our SMEs will be further activated."

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