Korea Federation of SMEs Selects 'Top 10 SME News'... "Meaningful Achievements Despite COVID-19"

[Asia Economy Reporter Kim Bo-kyung] The number of small and medium-sized enterprises (SMEs), the backbone of our economy, reached 6.88 million, and SME cooperatives were recognized as SMEs, allowing them to participate in various government projects.

The Korea Federation of SMEs selected and announced the 'Top 10 SME News of 2021' on the 19th, containing these details.

Choo Moon-gap, Head of the Economic Policy Division at the Korea Federation of SMEs, commented, "The 6.88 million SMEs experienced another challenging year due to the resurgence of COVID-19, but there were also meaningful achievements such as the recognition of SME cooperatives as SMEs."

He added, "We selected the top 10 news items considering their symbolism and ripple effects among the legislation, systems, and support policies that positively influenced SME development, including overcoming COVID-19 and establishing a fair economy."

Looking at the top 10 news selected by the Federation, first, the number of domestic SMEs reached 6.88 million as of 2019, an increase of 250,000 (3.8%) compared to the previous year. Along with the increase in the number of SMEs, employment creation and sales volume also rose. The number of workers increased by 340,000 to 17.44 million, and sales amounted to 273.2538 trillion KRW, accounting for 48.7% of total corporate sales.

Additionally, SME cooperatives were recognized as SMEs. This is the first time in 39 years since the regulation considering SME cooperatives as SMEs was specified in the Framework Act on Small and Medium Enterprises. As a result, SME cooperatives can now freely participate in various SME support policies implemented by the government, local governments, and public institutions.

Other top 10 news items include ▲ liquidity support through two loan extensions and interest deferrals ▲ expansion of the carryback period for SME losses ▲ commencement of payment adjustment services by the Federation ▲ amendment of laws to eradicate technology theft ▲ surpassing 1.5 million Yellow Umbrella membership ▲ SME ESG and carbon neutrality response ▲ doubling of the cooperative-recommended negotiated contract limit after 15 years ▲ and record-breaking SME exports.

Kim Ki-moon, Chairman of the Korea Federation of SMEs, reflected, "It was a year of running around to support SMEs and small business owners who were hit hard by the ongoing COVID-19 crisis."

Chairman Kim stated, "Next year, we will actively strive to stabilize management and ensure sustainable growth for SMEs and cooperatives."

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