Choi Jin-sik "Permanent Legislation Needed for 'Special Act on Mid-sized Enterprises' to Promote Private-led Growth"

Junggyeonryeon to Hold the '8th Junggyeon Entrepreneurs' Day Ceremony' on the 7th at The Plaza, Seoul

President Yoon Suk-yeol (left) and Choi Jin-sik, Chairman of the Korea Association of Medium & Small Business (center), are entering the venue of the '8th Medium Enterprise Day Ceremony'.

[Asia Economy Reporter Kim Cheol-hyun] It was suggested that public-private cooperation centered on the experience and capabilities of mid-sized companies is essential for the success of private-led growth.

Choi Jin-sik, Chairman of the Korea Federation of Mid-sized Enterprises, stated this at the '8th Mid-sized Entrepreneurs Day Ceremony' held at The Plaza in Seoul on the 7th, emphasizing, "Converting the Special Act on Mid-sized Enterprises, which is the legal foundation for fostering and supporting mid-sized companies?the core of private-led growth?into a permanent law will be the first step toward economic revitalization."

Enacted in January 2014 and implemented as a ten-year temporary law, the 'Special Act on Mid-sized Enterprises' is set to expire in 2024. Chairman Choi added, "Companies are the driving force of economic growth and a key source of employment," and "The government's declaration of private-led growth and bold regulatory innovation efforts will enhance corporate vitality, paving the way for new growth breakthroughs."

On this day, the mid-sized enterprise sector announced plans to invest a total of 160 trillion won over the next five years and create 300,000 new jobs annually to establish the foundation for the success of private-led growth and economic revitalization. A representative from the Federation of Mid-sized Enterprises stated, "Of the approximately 300,000 new jobs created annually by mid-sized companies over the next five years, two-thirds are expected to be youth jobs for those aged 15 to under 34," adding, "This accounts for 10% of the country's approximately 2 million new youth jobs annually."

President Yoon Suk-yeol also attended the Mid-sized Entrepreneurs Day ceremony. President Yoon awarded the Gold Tower and Silver Tower Industrial Medals, two Industrial Service Medals, and four Presidential Citations to mid-sized entrepreneurs who contributed to the development of South Korea's economy and industry, as well as to those who worked hard to foster mid-sized enterprises. In addition, about 200 people including Lee Chang-yang, Minister of Trade, Industry and Energy, other key government officials, representatives and executives of mid-sized companies, and related organization personnel were present.

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