Jo Juhyun, Vice Minister of SMEs and Startups, Visits Manufacturing and Local Companies... Exploring Measures to Boost Corporate Vitality

Holding the 7th Meeting of the Corporate Risk Response TF

[Asia Economy Reporter Kim Bo-kyung] Cho Ju-hyun, Vice Minister of the Ministry of SMEs and Startups, reviewed the internal and external risks faced by small manufacturing companies and regional SMEs, as well as their response measures.

On the 9th, Vice Minister Cho visited a smart factory construction company located in Sejong City and held the '7th Meeting of the Corporate Risk Response TF.' The meeting was held under the theme of 'Risk Response for Manufacturing and Regional SMEs.' He visited regional companies striving for manufacturing innovation to hear about the impact of the three-high (high prices, high interest rates, high exchange rates) phenomenon and other domestic and international economic conditions on manufacturing and regional SMEs, and discussed response directions.

Amid the recent three consecutive months of decline in the SME business outlook, the August SME business outlook index shows that the manufacturing sector's decline in outlook is greater than that of the non-manufacturing sector compared to the previous month.

In particular, manufacturing companies face additional difficulties adapting to the global economic environment change called 'digital transformation,' in addition to general management challenges such as manpower, funding, and sales channels. The accelerated population outflow from non-capital regions raises concerns about worsening difficulties for regional companies.

The meeting gathered economic organizations such as the Korea Federation of SMEs and the Innobiz Association, experts from research institutes and associations, and representatives of manufacturing companies to deeply discuss response measures to revitalize manufacturing and regional SMEs.

Vice Minister Cho emphasized, "Small manufacturing companies and regional SMEs are pillars of our economy that create jobs and support balanced regional development," adding, "The Ministry of SMEs and Startups will continue to strive to maintain a solid economic foundation led by SMEs."

Going forward, the Ministry plans to further review various risks and discuss response measures through the Corporate Risk Response TF.

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