What Is the Path Forward for Small and Medium Enterprises in the 'Post-Corona' Era?

Korea Federation of SMEs Holds Policy Forum on "COVID-19 Crisis, Survival and Growth of Small and Medium Enterprises"

[Asia Economy Reporter Kim Cheol-hyun] The Korea Federation of SMEs (Chairman Kim Ki-moon) announced that, in collaboration with the Korean Society for Small and Medium Enterprise Policy (Chairman Han Jung-hwa), it held a "Policy Forum for the Survival and Growth of SMEs Amid the COVID-19 Crisis" on the 14th at the Korea Federation of SMEs boardroom.

At the forum, Chairman Kim Ki-moon of the Korea Federation of SMEs and Chairman Han Jung-hwa of the SME Policy Society, along with ▲Professor Kim Ki-chan of Catholic University ▲Professor Lim Chae-woon of Sogang University ▲Professor Bae Jong-tae of KAIST ▲Professor Lee Jung-hee of Chung-Ang University ▲Policy Director Byun Tae-seop of the Ministry of SMEs and Startups ▲President Lee Byung-heon of the Korea Institute for Industrial Economics and Trade ▲Director Cho Bong-hyun of IBK Economic Research Institute, and many other SME policy experts attended in large numbers.

The forum was moderated by Professor Lee Sang-myung of Hanyang University, and presentations were given by Professor Kim Yong-jin of Sogang University, Professor Bin Ki-beom of Myongji University, and Professor Lee Jung-hee of Chung-Ang University. Professor Kim Yong-jin of Sogang University presented on "Policy Tasks for SMEs Responding to COVID-19," stating, "As short-term sales decline and financial difficulties for SMEs are expected to worsen due to COVID-19, only companies that have transitioned digitally by streamlining production processes and establishing customized production bases are likely to survive," emphasizing that "support is needed for developing collective solutions to SME problems and building service models through digital technology."

The second presenter, Professor Bin Ki-beom of Myongji University, presented "Financial Support Policy Proposals Amid the COVID-19 Crisis," arguing, "Since the economy is rapidly contracting due to a vicious cycle in consumption, production, and income caused by COVID-19, an economic recession worse than the Great Depression may occur," and asserted that "the most ideal measure in the current situation is to prepare policies that can reduce costs related to production factors such as labor costs and rent."

The final presentation was given by Professor Lee Jung-hee of Chung-Ang University on "Policy Measures for Small Business Owners and Self-Employed to Overcome the COVID-19 Crisis," stating, "Although support measures are being implemented for small business owners and self-employed individuals who are greatly affected by the domestic economic downturn, they are insufficient to resolve the difficulties," and argued that "in preparation for the post-COVID era, multifaceted support policies should be considered, including support for building smart networks, revitalizing local gift certificates, and welfare support for livelihood-type small business owners."

The subsequent panel discussion was chaired by Professor Lim Chae-woon of Sogang University, with panelists including Policy Director Byun Tae-seop of the Ministry of SMEs and Startups, Policy General Manager Choi Bok-hee of the Korea Federation of SMEs, Director Cho Bong-hyun of IBK Economic Research Institute, CEO Song Gong-seok of Watos Korea, and Vice Chairman Kwon Soon-jong of the Korea Federation of Small and Medium Business, who discussed support policies for SMEs and small business owners.

Chairman Kim Ki-moon of the Korea Federation of SMEs said, "If we prepare well for the post-COVID era by leveraging the image of a model country in quarantine, we can turn the crisis into an opportunity for a new great transformation," adding, "I hope that this forum will present policy alternatives that help SMEs overcome the current economic crisis and leap forward."

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