Kim Ki-moon "Urgent Economic Survival Measures Needed"… SME Cooperative Meeting

Kim Ki-moon, President of the Korea Federation of Small and Medium Business

[Asia Economy Reporter Kim Daeseop] The Korea Federation of SMEs announced on the 25th that it held a meeting with nationwide SME cooperatives to minimize the damage caused by the novel coronavirus infection (COVID-19).

At the on-site meeting held at the Korea Federation of SMEs in Yeouido, Seoul, 16 representatives of SMEs from various sectors, ranging from daily life-related industries such as meal services and tofu manufacturing affected by COVID-19 to core industries such as forging and metal heat treatment, shared their damage situations. Government ministries and financial sector officials also attended to listen to the difficulties faced by companies on the ground and to seek solutions together.

The chairpersons of each industry who attended the meeting agreed that prompt policy implementation is important so that the effects can be felt on-site. In particular, they requested support measures including ▲expansion of early public procurement orders ▲increase in the advance payment ratio for procurement and relaxation of requirements ▲support for fixed costs such as labor costs and rent in addition to loan-type support.

Kim Gi-moon, Chairman of the Korea Federation of SMEs, said, "Due to the impact of COVID-19, SMEs and small business owners are facing an unprecedented crisis," adding, "Through nationwide tour meetings, we will actively propose the voices raised on-site to the government, including the Blue House Emergency Economic Meeting, and do our best to ensure that the government does not miss the economic golden time for our economy's survival and that measures are promptly prepared."

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