Korea Federation of SMEs Holds Meeting with Lee Cheol-woo, Governor of Gyeongbuk... Discovering Customized SME Support Policies

Kim Ki-moon, Chairman of the Korea Federation of SMEs / Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kim Bo-kyung] The Korea Federation of SMEs held a meeting with small and medium-sized business owners invited by Lee Cheol-woo, Governor of Gyeongsangbuk-do, on the 13th to discuss key tasks and support measures to resolve industry difficulties.

The meeting, held at Lahan Select Gyeongju, was organized by the Korea Federation of SMEs in collaboration with Gyeongsangbuk-do to listen to the voices of local small and medium-sized enterprises and small business owners on the ground, and to discover customized support policies for SMEs’ survival and the post-COVID-19 era.

About 40 people attended the meeting, including Kim Ki-moon, Chairman of the Korea Federation of SMEs; Kim Kang-seok, Chairman of the Daegu-Gyeongbuk SME Association; chairpersons of industry-specific cooperatives in Gyeongsangbuk-do; Lee Cheol-woo, Governor of Gyeongsangbuk-do; Bae Seong-gil, Director of the Gyeongsangbuk-do Job and Economy Office; and Kim Han-sik, Director of the Daegu-Gyeongbuk Small and Medium Venture Business Administration, discussing 17 key tasks to resolve difficulties faced by SMEs and cooperatives in Gyeongbuk.

The SME sector requested support measures for business survival and preparations for the post-COVID-19 era, including △support for cooperatives’ participation in Gyeongsangbuk-do’s SME support policies △expansion of budget for interest subsidy support from the SME Mutual Aid Fund △increase in budget for small and medium agricultural machinery support projects △request for Gyeongsangbuk-do’s contribution to the installation of recycled foundry sand facilities.

Chairman Kim Ki-moon said, "With last year’s revision of the Framework Act on Small and Medium Enterprises, the status of cooperatives as SMEs was recognized, opening the way for cooperatives to utilize various SME support policies such as finance, sales channels, and R&D," adding, "When formulating policies, please expand opportunities not only for individual SMEs but also for SMEs to enhance competitiveness through joint projects with cooperatives."

He also expressed gratitude for Gyeongsangbuk-do’s interest and consideration for SMEs and small business owners, such as the expansion of the Yellow Umbrella Hope Incentive and the establishment of a three-year plan to revitalize SME cooperatives, saying, "We ask for continuous support to overcome the COVID-19 crisis through fostering SMEs, which are the foundation of the regional economy."

Governor Lee Cheol-woo stated, "The economy of Gyeongsangbuk-do is based on SMEs," and added, "We will focus the province’s capabilities to help local SMEs, which are going through even more difficult times due to COVID-19, to regain strength."

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