Ministry of SMEs and Startups, 4th Meeting of Corporate Risk Response TF... Seeking Measures to Address the "3 Highs" Complex Crisis

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] Cho Ju-hyun, Vice Minister of the Ministry of SMEs and Startups (photo), held the 4th meeting of the 'Corporate Risk Response TF' on the 20th at the Korea Federation of SMEs in Yeouido, Seoul.

The meeting discussed the economic impact of complex crises such as the triple high (high prices, high interest rates, high exchange rates) phenomenon on SMEs and small business owners, as well as future response directions. It is predicted that the complex crisis situation, including high inflation and high interest rates, will continue, and the difficulties faced by SMEs and small business owners are expected to intensify.

Since the end of last month, the Ministry of SMEs and Startups has established the Corporate Risk Response TF in cooperation with related organizations, checking and diagnosing the economic situation related to SMEs and small business owners weekly and seeking response measures.

At the 1st meeting, the 'Trends by Major Economic and Policy Targets' were reviewed, and at the 2nd and 3rd meetings held on the 7th and 14th respectively, risks and response directions in the fields of 'finance' and 'small business owners' were discussed.

Discussions related to finance and small business owners were also major agenda items at the Emergency Economic and Livelihood Meeting presided over by the President on the 14th and the Inter-ministerial Vice Ministers' Meeting on Fiscal Execution for Livelihood Stability on the 15th. Through this, a policy finance supply plan of up to 43 trillion won, including low-interest refinancing loans and debt restructuring for the smooth landing of small business owners' debt, was announced.

Vice Minister Cho emphasized, "The most urgent task is to promptly grasp the policy demands of SMEs and small business owners caused by the complex crisis and to establish a field-oriented response system for timely support."

Going forward, the Corporate Risk Response TF plans to check risks and discuss response measures in various fields such as SME exports, ventures, and startups.

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