Preventing Damage to SMEs and Mid-sized Companies from 'New Coronavirus'... Strengthening Public-Private Response

[Asia Economy Reporter Kim Daeseop] Public-private cooperation and the operation of response teams are being strengthened to prevent damage and prepare countermeasures for small and medium-sized enterprises (SMEs) and medium-sized enterprises related to the novel coronavirus infection (Wuhan pneumonia).

On the 31st, the Ministry of SMEs and Startups held a countermeasure meeting with related organizations at the Export-Import Bank in Yeouido, Seoul, to discuss specific response plans. Participants included the Ministry of SMEs and Startups, Small and Medium Business Corporation, Korea Technology Finance Corporation, Korea Credit Guarantee Fund, Export-Import Bank, Industrial Bank of Korea, Korea Federation of SMEs, KOTRA, Korea International Trade Association, and the Foundation for Agricultural, Fishery, and Livestock Cooperation between Large and Small Enterprises.

The meeting discussed ▲ the status and damage assessment of SMEs involved in exports and imports to China and local enterprises ▲ the division of roles among institutions for SME damage prevention and response (securing key relief supplies such as hand sanitizers and masks, emergency management stabilization funds, and export finance support plans) ▲ and future countermeasures related to the novel coronavirus situation.

The Korea Industrial Complex Corporation is also forming and operating an 'Industrial Complex Emergency Response Team.' Through its 11 regional headquarters nationwide, it plans to establish effective communication channels with tenant companies and identify export-import difficulties and business suspensions. It will support tenant companies in cooperation with related organizations.

Previously, it delivered a standard Business Continuity Plan (BCP), infection prevention guidelines, and disease information to tenant companies in 65 industrial complexes under its jurisdiction. The BCP stipulates response systems, business continuity plans, and employee management methods to ensure business continuity even during large-scale infectious disease outbreaks. As of the end of November last year, the number of operating companies in the industrial complexes under its jurisdiction was 49,110, with approximately 1,034,833 workers.

The Industrial Complex Corporation plans to install banners related to novel coronavirus prevention in industrial complexes nationwide and quickly disseminate information to workers using electronic display boards at regional headquarters buildings.

Hwang Gyu-yeon, Director of the Korea Industrial Complex Corporation, said, "We will provide multifaceted support through close communication channels with tenant companies in industrial complexes to prevent industrial activities from shrinking due to the novel coronavirus."

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