SMEs' Voluntary Donation Campaign for Disaster Relief Funds... "Joining Forces to Overcome the Crisis"

Kim Ki-moon, President of the Korea Federation of Small and Medium Business (center front row), is taking a commemorative photo with the presidents of the Federation and other small business owners during a press conference held at the headquarters in Yeouido, Seoul, on the 6th, announcing their voluntary donation campaign for emergency disaster relief funds.

[Asia Economy Reporter Kim Daeseop] "The Korea Federation of SMEs is joining the voluntary donation campaign for emergency disaster relief funds to contribute even a little to overcoming the COVID-19 crisis."

Kim Gi-moon, president of the Korea Federation of SMEs, said this at a press conference held at the federation's headquarters in Yeouido, Seoul, on the 6th, adding, "Whenever small and medium enterprises face difficulties, there has been support from the government and the public, and now it is time for SMEs to respond."

This voluntary donation campaign for emergency disaster relief funds is being promoted to raise resources for vulnerable groups suffering from the spread of COVID-19 and to alleviate the government's financial burden. It plans to start with the federation's board members, directors, and regional chairpersons and expand to the entire SME sector.

President Kim said, "We are well aware that many SMEs are still in difficult situations, but if we unite our efforts bit by bit, we can overcome the crisis," adding, "The voluntary donation campaign will be expanded nationwide, focusing on companies that are in a relatively better situation." He also explained, "The donations will be deposited into the Employment Insurance Fund and used as resources to resolve employment instability and stabilize jobs."

Considerable finances have been spent so far to supplement corporate liquidity and stabilize employment to overcome the COVID-19 crisis. Additional financial input is expected to be inevitable in the future.

Kim said, "At the early stage of the COVID-19 spread, damage was concentrated on small business owners, but as the situation prolonged, the damage has expanded to manufacturing and export companies," adding, "The economic crisis caused by COVID-19 can be said to be just beginning in earnest now." He emphasized, "Now is the time to think about the economy. We must take this COVID-19 crisis as a new opportunity for turnaround."

The Korea Federation of SMEs also announced plans for the '32nd Small and Medium Enterprise Week' on the same day. It is scheduled to be held nationwide from the 11th to the 15th of this month under the slogan "A Brighter Tomorrow for SMEs, A Happy Future for Korea."

Considering the social atmosphere due to COVID-19, this SME Week has minimized large-scale gatherings and event-type activities. It will mainly consist of about 40 major events aimed at overcoming the SME crisis and revitalizing the economy.

The first event on the 11th will be the "Launch Ceremony of the SME Supply Price Adjustment Committee" held at the federation's headquarters. On the 13th and 14th, the "SME Cooperative Forum" and the "Discussion on Overcoming the SME Crisis and Sustainable Growth" will be held, respectively.

Since 1989, SME organizations including the Korea Federation of SMEs and SME support institutions have voluntarily designated the third week of May each year as SME Week. Since July 2011, SME Week has been codified under Article 26 of the Framework Act on Small and Medium Enterprises and is operated as a statutory week.

President Kim said, "I hope that the entire nation will show interest in the 32nd SME Week events aimed at improving awareness of SMEs, and that all SMEs nationwide will actively participate in the voluntary donation of disaster relief funds, demonstrating the spirit of coexistence by helping the weaker who are in more difficult situations despite everyone's hardships."

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