Korea Federation of SMEs, Nationwide Tour Meetings to Assess COVID-19 Impact

Kim Ki-moon, President of the Korea Federation of SMEs (second from the left), is speaking at the emergency monitoring survey meeting on COVID-19 damage held on the 19th at the Busan Machinery Industry Cooperative located in Hwajeon Industrial Complex, Gangseo-gu, Busan.

[Asia Economy Reporter Kim Daeseop] The Korea Federation of SMEs announced on the 19th that it will conduct a nationwide tour of meetings to overcome the novel coronavirus infection (COVID-19).

This meeting was organized to assess the regional damage caused by COVID-19 and to resolve difficulties faced by SMEs on the ground. Starting on the 19th in Yeongnam (Busan, Ulsan, Gyeongnam), it will tour each region including Honam (Gwangju, Jeonnam, Jeonbuk) on the 20th, the metropolitan area (Incheon, Gyeonggi) and Gangwon on the 23rd, Chungcheong (Daejeon, Sejong, Chungnam, Chungbuk) and Seoul on the 24th. On the 25th, a final meeting will be held for nationwide associations.

The first nationwide tour meeting was held on the 19th at the Busan Machinery Industry Cooperative located in Hwajeon Industrial Complex, Gangseo-gu, Busan. Twenty-four chairpersons of lifestyle-oriented cooperatives such as supermarkets, traditional markets, and distribution stores located in Busan, Ulsan, and Gyeongnam affected by COVID-19, along with heads of SME support organizations including the Busan Regional Small and Medium Venture Business Administration, Busan Employment and Labor Office, Busan Procurement Office, and IBK Industrial Bank Busan Regional Headquarters, participated together.

At the meeting, discussions were centered on the results of the 'Emergency Monitoring Survey on COVID-19 Damage' conducted by the Busan-Ulsan Regional Headquarters of the Korea Federation of SMEs targeting 57 SME cooperatives in the Yeongnam region. The monitoring results showed that the majority of SMEs in the Yeongnam region were concerned about the prolonged stagnation of the regional economy due to COVID-19.

By industry, representatives of export-import related cooperatives complained of "delivery disruptions due to the shutdown of Chinese factories and difficulties caused by order cancellations." It was also found that they were experiencing "business activity disruptions due to restricted opportunities to visit China and avoidance of external activities."

Kim Ki-moon, President of the Korea Federation of SMEs (sixth from the left in the front row), visited the Busan Machinery Industry Cooperative located in Hwajeon Industrial Complex, Gangseo-gu, Busan on the 19th to strengthen the determination to overcome COVID-19 with small business owners and representatives from small business support organizations.

Representatives of distribution and service-related cooperatives lamented "a decrease in visiting customers and a sharp drop in sales due to the restraint of various gatherings and outings," and "supply difficulties of some daily necessities such as ramen at logistics centers."

In addition, companies hiring foreign workers reported that "after COVID-19, sales order volumes have decreased, causing delays in the entry of new foreign workers or the need to cancel contracts."

Kim Ki-moon, chairman of the Korea Federation of SMEs, said, "The impact of COVID-19 is heightening the sense of crisis in the regional economy and deepening the damage to SMEs," adding, "Starting with the Yeongnam region, we will listen to the difficulties of companies affected by COVID-19 through nationwide tour meetings."

Chairman Kim also stated, "Including the results of the COVID-19 SME damage survey, which has been conducted concurrently since the 18th, we plan to propose policy tasks to government ministries such as the Ministry of SMEs and Startups. We will do our best to ensure SMEs can effectively respond to the crisis through close communication with the government."

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