Jungjingong Innovation Growth Committee "Support for SMEs in National Strategic Industries Must Be Expanded"

Proposals for Fostering Promising Small and Medium Venture Companies in Semiconductor, Bio, and Nuclear Power Sectors

On the 20th, at the 2nd Small and Medium Venture Innovation Growth Committee meeting, Kim Hak-do, President of the Korea SMEs and Startups Agency, is speaking.

[Asia Economy Reporter Kim Cheol-hyun] The Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 20th that it held the '2nd Small and Medium Venture Innovation Growth Committee of 2022.' The Small and Medium Venture Innovation Growth Committee, launched last May, consists of nine members including Hwang Cheol-ju, CEO of Juseong Engineering, as well as entrepreneurs from future strategic industries such as semiconductors, bio, and artificial intelligence (AI), and experts from various fields including venture investment, industry, and finance.

At the meeting, the advisory members focused on discussing effective ways to expand support for national strategic business groups, including target management and the establishment of dedicated programs, under SBC's current function-based support system covering finance, export, and manpower. First, regarding the policy financing project, while selection and concentration on companies operating in national strategic industries such as space, aviation, and nuclear power are important, they urged careful policy implementation to maintain a balanced approach among industries so that support for existing traditional industries is not reduced.

In terms of export support, they stated the need to prepare preferential measures for companies operating in strategic industries and diversify support to regions with high logistics demand such as Southeast Asia, in addition to the Americas. Regarding manpower, they emphasized focusing on nurturing core personnel suited to the demand of strategic industries, while also calling for the establishment of highly effective programs to support manpower management, including preventing the external outflow of core personnel.

Chairman Hwang Cheol-ju said, "As the global value chain (GVC) collapses, the growth of our industry, which was highly dependent on the GVC, is facing a crisis," adding, "I hope this proposal leads to effective policy support so that promising companies possessing innovative technologies become new growth engines and lay the foundation for a strategy to gain an advantage in the technology hegemony competition."

Chairman Kim Hak-do stated, "For the government's strategic industry development policy to succeed, securing the global competitiveness of small and medium venture companies that make up the value chain within strategic industries is the top priority," and added, "We will closely consult with related ministries on the support measures proposed by the committee to ensure they lead to effective SBC support projects."

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