Launch of Mid-sized Enterprise Industry Councils: "Cooperation on Liquidity Challenges and Future Car Transformation"

[Asia Economy Reporter Moon Chaeseok] On the 2nd, the Ministry of Trade, Industry and Energy and the Korea Association of Mid-sized Enterprises launched the 'Mid-sized Enterprises Industry-specific Council' and held the first non-face-to-face meeting focusing on the automobile industry.

The council was established with the purpose of activating solidarity and cooperation among same and different types of companies within mid-sized enterprises and building a platform to systematically reflect difficulties and suggestions into policies.

Ninety-two companies from nine industries including automobile, machinery, steel & shipbuilding, electrical & electronics, semiconductor & display, chemical, textile, biohealth, and IT & SW (Information Technology & Software) participate.

Source: Ministry of Trade, Industry and Energy

The council plans to hold more than two regular meetings each in the first and second half of the year, as well as ad hoc meetings on specific issues for policy development and external cooperation.

Regular meetings will discuss on-site difficulties, suggestions, and action plans for each issue.

Ad hoc meetings will be held on topics such as digital transformation (manufacturing + IT), discovering cooperation models for materials, parts, and equipment (collaboration among large, mid-sized, and small enterprises), and new business discovery (mid-sized + venture). A separate report meeting on the council’s operational performance will also be arranged.

At the non-face-to-face meeting held that day, automobile industry committee members discussed discovering future growth engines and directions for technology development.

They conveyed companies’ difficulties and suggestions, including securing liquidity due to the impact of the novel coronavirus infection (COVID-19).

In particular, they discussed ways to strengthen cooperation between traditional and core manufacturing industries and IT & SW sectors in the fields of autonomous vehicles and electric hydrogen vehicles, where a major transition from internal combustion engines to future cars is underway.

Cheon Young-gil, Director of Mid-sized Enterprise Policy at the Ministry of Trade, Industry and Energy, said, "For the success of competitive mid-sized enterprises leading industrial innovation, their unique challenging entrepreneurial spirit and collaboration with external entities are essential," adding, "We will actively discover industry-specific support measures to revitalize mid-sized enterprises."

Following the automobile industry, the council will hold relay non-face-to-face meetings on other industries such as semiconductor & display (morning of the 9th), machinery (afternoon of the 9th), steel & shipbuilding (morning of the 10th), and biohealth (afternoon of the 10th).

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