Junggyeonryeon "2nd Basic Plan for Mid-sized Enterprises, Presents Concrete Strategies for Capacity Building"

Kang Ho-gap, Chairman of the Korea Federation of Medium-sized Enterprises

[Asia Economy Reporter Kim Daeseop] The Korea Federation of Medium-sized Enterprises stated on the 26th, in a commentary on the '2nd Basic Plan for Promoting the Growth of Medium-sized Enterprises' announced by the Ministry of Trade, Industry and Energy, that "it is meaningful in reaffirming the value and vision of medium-sized enterprises for sustainable economic development and presenting concrete strategies to strengthen the capabilities of medium-sized enterprises as global specialized companies."

The core contents of the 2nd Basic Plan for Promoting the Growth of Medium-sized Enterprises announced that day include fostering 50 global specialized companies in materials, parts, and equipment and 100 regionally representative medium-sized enterprises, reflecting the role of medium-sized enterprises in industrial strategies, supporting technology development and securing innovative talent, and establishing a support system and legal foundation for the organic linkage of support policies for medium-sized enterprises.

The Federation of Medium-sized Enterprises said, "The '1st Basic Plan' announced in June 2015 was a necessary attempt to overcome the limitations of an industrial development strategy centered on large corporations. However, it is true that many limitations were exposed due to insufficient customized support policies reflecting the size and characteristics of medium-sized enterprises and a lack of differentiation from small and medium-sized enterprise policies."

It added, "For the three promotion strategies presented in this 2nd Basic Plan?strengthening the leading role in industry, region, and new market entry, expanding customized support, and expanding growth infrastructure?to produce effective results, it is essential to continuously strengthen communication with the industry and to carry out flexible changes, improvements, and supplementary efforts to respond swiftly to rapid changes in the industrial environment."

The Federation of Medium-sized Enterprises, as a statutory economic organization representing medium-sized enterprises, broadly collects practical and specific demands from the field and communicates closely with the government and the National Assembly. It plans to enhance policy effectiveness and actively cooperate with related ministries such as the Ministry of Trade, Industry and Energy to discover and promote various support projects to strengthen the capabilities of medium-sized enterprises.

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