"Economic Transformation Era, New Growth Strategies Needed for SMEs"

Korea SMEs and Startups Agency Future Development Advisory Committee Proposes 8 Key SME and Venture Business Policy Tasks
Advisory Committee Launched in March Last Year with 9 SME Experts Participating

At the 4th Future Development Advisory Committee held on the 4th, Hwang Cheol-ju, CEO of Juseong Engineering (fifth from the left), and Kim Hak-do, Chairman of the Korea SMEs and Startups Agency (sixth from the left), are taking a commemorative photo.

[Asia Economy Reporter Kim Cheol-hyun] The Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 21st that nine experts in the small and medium enterprise sector belonging to the Future Development Advisory Committee (Chairman Hwang Cheol-ju) proposed a 'growth strategy for the development of small and medium enterprises.'

Launched in March last year, the Future Development Advisory Committee is an advisory group that suggests directions for improving policies and projects supporting small and medium enterprises. It consists of nine voluntary participants, including industry, academia, and research experts such as Hwang Cheol-ju, CEO of Juseong Engineering.

The nine experts summarized their activities over the year and agreed that a new growth strategy for small and medium enterprises is necessary to respond to the rapidly changing economic environment. They then organized the main difficulties faced by small and medium enterprises and the policy directions to resolve them, presenting these to SBC.

The committee proposed eight major policy tasks for overcoming crises and advancing small and medium enterprises, emphasizing that "proactive and customized policy support is necessary so that small and medium enterprises, the main players of the national economy, can utilize environmental changes such as digital transformation, carbon neutrality, and global supply chain restructuring as opportunities and secure future growth engines."

The eight major policy tasks proposed by the committee are ▲ Establishment of economic security and global supply chain response programs ▲ Entry into new markets for ESG management and carbon neutrality ▲ Expansion of support for digital transformation and smart manufacturing innovation ▲ Strengthening support for structural innovation of small and medium enterprises during industrial restructuring ▲ Establishment of joint platforms and win-win marketing in response to changes in distribution and sales networks ▲ Support for youth entrepreneurship and jobs specialized and settled in local regions ▲ Diversification of funding channels for small and medium enterprises ▲ Promotion of entrepreneurship and attraction of outstanding talent.

Chairman Hwang Cheol-ju stated, "Innovation and success are the results of overcoming variables such as risk, speed, and time," adding, "I hope this proposal leads to effective policy support for small and medium enterprises so that companies can overcome the current crisis and grow through cooperation and innovation."

Chairman Kim Hak-do said, "The policy tasks proposed by the Future Development Committee are essential for fostering small and medium enterprises as key players in economic structural transformation," and added, "SBC will work closely with related ministries to ensure that these tasks are realized as effective policies and will continue to faithfully serve as a bridge connecting the field and the government."

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