Busan Small Business Awards Ceremony ... CEOs Who Overcame COVID-19

Three Companies Leading Economic Development Through Management Stabilization and Technology Development Despite COVID-19
Choi Sung-je, CEO of Korea Lotech Co., Ltd., Woo Chang-soo, CEO of Sungil SIM Co., Ltd.
Shin Sang-ho, CEO of Yemac Co., Ltd. Se

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Busan City will hold the ‘2020 Busan Metropolitan City Small and Medium Enterprise (SME) Entrepreneur Awards’ ceremony at 2 p.m. on the 11th in the protocol room on the 7th floor of Busan City Hall.

The city announced that in response to the rapidly changing paradigms in the economic and industrial sectors, it accelerated technological innovation and introduced an advanced management system to select outstanding SME CEOs with excellent risk management capabilities even during the COVID-19 crisis as award recipients.

The recipients were selected through a strict review and verification process based on business management capabilities, growth potential, employment stability, and social contribution among candidates recommended from June 1 to 15, and were finalized at the final review committee held on the 4th.

This year’s SME Entrepreneur Award recipients were confirmed as ▲Choi Sung-je, CEO of Korea Lotech Co., Ltd. ▲Woo Chang-soo, CEO of Sungil SIM Co., Ltd. ▲Shin Sang-ho, CEO of Yemac Co., Ltd.

Notably, amid the local construction industry struggling due to domination by large corporations, the inclusion of Shin Sang-ho, CEO of the construction company Yemac Co., Ltd., among this year’s SME Entrepreneur Award recipients has drawn attention.

This marks a new milestone in the history of the SME Entrepreneur Awards, which have been presented since 1999. The status of local construction companies has risen in the SME Entrepreneur Awards, which were previously focused on manufacturing and IT.

Despite the global downturn in the shipbuilding and plant industries, Woo Chang-soo, CEO of Sungil SIM Co., Ltd., a high-frequency bending and factory-processed piping company, has maintained steady growth with sales increases of 48.6 billion KRW, 54.2 billion KRW, and 70 billion KRW from 2017 to 2019.

Sungil SIM Co., Ltd. is not fixated on short-term performance but is expanding its market share globally by differentiating itself from competitors through solid technological capabilities.

They are actively pioneering overseas markets through collaboration with GE and Siemens. Even during the global COVID-19 pandemic, they have contributed to welfare and earned trust as a reliable company by providing masks and vitamins not only to their headquarters employees but also to partner company employees.

The final recipient is Choi Sung-je, CEO of Korea Lotech Co., Ltd., a company producing piston rods, parts for automotive shock absorbers, and currently a leading company holding over 30% of the domestic market share.

CEO Choi has led efforts to develop global markets to grow into a mid-sized company. Last year, he received the 3 million USD Export Tower Award, widely promoting Busan companies worldwide.

By automating process management systems to improve efficiency, they have established a management system suited to the market, breaking through price competition with Chinese companies, and have maintained good performance despite the impact of COVID-19.

The awardees will receive trophies, mayoral commendations, and certificates of excellence. In addition, they will be granted special benefits such as Busan City SME operating and nurturing funds, special credit guarantee support, priority support for dispatching overseas market development teams and participation in overseas exhibitions, and local tax deferrals.

Byun Sung-wan, Acting Mayor of Busan, said, “As we enter the post-COVID era, untact culture is spreading, and changes in industrial trends are expected,” adding, “We will diversify support policies for SMEs to provide good opportunities for excellent companies leading the local economy to grow.”

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