Support for Mid-sized Companies' Business Restructuring and New Industries: Internal Combustion Vehicles to Future Cars, LED to QLED, etc.

Junggyeonryeon, Associations, Accounting Industry, and Law Firms Gather to Sign Business Agreement
Sharing Successful Business Restructuring Cases... Five Startups from RWTH Aachen University Present

In the industry, business restructuring is in full swing from internal combustion engine vehicles to future cars, and from liquid crystal displays (LCD) to quantum dot light-emitting diodes (QLED). Industry associations such as the Korea Federation of Medium-Sized Enterprises, along with the accounting sector and law firms, have joined forces to assist medium-sized enterprises with weak technology, manpower, and organization in their business restructuring.
(Photo by Hyundai Motor Group)

[Asia Economy Reporter Moon Chaeseok] The Ministry of Trade, Industry and Energy and the Korea Federation of Medium-sized Enterprises announced that they will hold the 'Medium-sized Enterprises Business Restructuring and New Business Network Forum' from 3 p.m. on the 1st.

The forum aims to assist medium-sized enterprises, which are weak in technology, manpower, and organization, in swiftly transforming their business structures.

At the forum, there will be ▲lectures on new business entry strategies ▲presentations on support systems and success cases ▲introductions of new business collaboration partners.

Jinwoo Kim, Advisor at Clarivate Analytics Korea, emphasizes the necessity of ▲strategic linkage between existing technology and new technology ▲securing a global network through the growth case of Taiwanese medium-sized enterprise Hiwin.

Pyunho Yoon, CEO of Korea Management Evaluation, introduces actual consulting cases of auto parts companies aiming to restructure their business from internal combustion engine vehicles to future cars. He provides guidelines such as discovering new businesses suited to the company's characteristics, resource analysis, strategy formulation, and decision-making criteria.

Daehyun Kim, CEO of Toss Lab, shares ways to strengthen new business competitiveness through online collaboration in the non-face-to-face era. Toss Lab is a startup that created the work collaboration tool 'JANDI'.

The Korea Chamber of Commerce and Industry and the Korea Federation of Medium-sized Enterprises will guide business restructuring and business conversion systems that can be utilized for new business entry. Sangho Song, Executive Director of Samkang M&T, a shipbuilding and marine plant equipment company, shares achievements such as entering the offshore wind power market.

Additionally, there will be an online presentation by material and bio startups from RWTH Aachen University in Germany, collaborating with the Korea Institute for Advancement of Technology (KIAT).

The 'Medium-sized Enterprises Business Restructuring and New Business Support Network' is also scheduled to launch.

Nine organizations, including the Korea Federation of Medium-sized Enterprises, new industry associations (Korea Bio Association, Korea Digital Health Industry Association, Korea Industrial Intelligence Association), business restructuring support institutions (KCCI, KIAT), Kim & Chang Law Firm, Samjong KPMG, and Korea Growth Investment Corporation, will sign a memorandum of understanding (MOU).

Wonik Ban, Executive Vice Chairman of the Korea Federation of Medium-sized Enterprises, said, "Through the support network, we will help medium-sized enterprises seeking new business opportunities to discover various partners and effectively utilize support systems."

Jinkyu Park, Vice Minister of the Ministry of Trade, Industry and Energy, said in a video congratulatory message, "The government will continue to expand incentives for business restructuring, such as dedicated R&D (with 10 billion KRW invested next year), and increase new business opportunities through collaboration with promising domestic and international ventures and startups."

He added, "We will actively support our medium-sized enterprises to grow into global specialized companies so that our industry can become a 'jar-shaped economy' with a strong backbone."

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