Ministry of SMEs and Startups: "In the Digital Economy Era, Advancing as a Global Startup Powerhouse Shaping the Future"

Report on 2023 Work Plan to the President on the 27th
'Digital, Global, and Together Leap' 3 Major Growth Strategies
Expansion of Global Funds by 8 Trillion Won in the Middle East, Europe, and More

Lee Young, Minister of the Ministry of SMEs and Startups

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups has decided to adopt 'Global Expansion,' 'Digital Transformation,' and 'Leap Forward Together' as new growth models for next year, identifying key tasks for startups, SMEs, and small business owners to promote economic advancement. The ministry views next year as a critical turning point for South Korea to catch up with competing countries and restore mid- to long-term growth engines by establishing groundbreaking digital economy policies led by ventures and startups.

The Ministry explained that global expansion and fostering digital-leading ventures aim to expand economic territory toward the global market and digital world, while 'Leap Forward Together' seeks to promote a warm economy where the fruits of growth are not concentrated only among winners. Additionally, the ministry plans to support overcoming prolonged complex crises such as easing the burden of high interest rates and lead regulatory reforms that hinder free creativity and innovation of companies, simultaneously addressing on-site difficulties that SMEs can tangibly feel.

The Ministry of SMEs and Startups (Minister Lee Young) announced on the 27th that it reported the '2023 Work Plan,' including these contents, to President Yoon Seok-yeol at the Blue House State Guest House in Jongno-gu, Seoul. Along with major achievements this year, the ministry reported key tasks for startups, SMEs, and small business owners derived based on next year's policy implementation conditions.

◆ Startups and Ventures, Aiming to Become Global Unicorns = First, startup ventures will expand global entry into regions such as the Middle East and Europe while focusing on nurturing digital and deep-tech startups that will lead the digital economy. To this end, a cumulative 8 trillion KRW global fund will be expanded and established in the U.S., Middle East, Europe, and other regions. Support will also be provided for issuing startup visas to help outstanding overseas talents settle and start businesses in Korea. The global startup festival 'COMEUP' will be developed into one of the world's top five events.

To foster future advanced startups leading the global market with unique technologies, the 'Super-gap Startup 1000+ Project' will be actively promoted. A super-gap fund investing in new industries such as digital and bio will be established, and scale-up funding support will be significantly increased by expanding technology guarantee limits.

◆ Digitalization of SME Manufacturing = In the SME sector, a manufacturing data trading system will be newly established, and manufacturing innovation infrastructure will be advanced through nurturing supplier companies and manufacturing workforce. The advancement of win-win smart factories collaborating with large corporations will also be pursued. Support for excellent export companies will be integrated under the global strong SME brand, and SMEs diversifying export countries targeting emerging markets such as the Middle East and South America will receive preferential treatment in export voucher selection and policy finance interest rates.

The delivery payment linkage system will be legislated as a foundation, with subordinate regulations such as enforcement ordinances, rules, and guidelines prepared, and major contents will be promoted through regional briefings and guidebooks. Additionally, a support headquarters will be formed to provide raw material price information and consulting on linkage contract conclusion, and a task force of related cooperative and industry organizations will be operated to resolve difficulties.

◆ Expanding Win-Win for Small Business Owners = Innovation based on digital, online, and data for small business owners will accelerate. As a leading model for digital small business owners, 100 win-win smart factories and lighthouse traditional markets will be established, and through online entry education, consulting, platform enrollment, and dedicated infrastructure support, 100,000 e-commerce small business owners will be cultivated annually.

Alley commercial districts will be developed into regional representative brands attracting global visitors through projects such as the 'Alley Venture Development Project.' A nationwide win-win consumption festival involving online and offline, large and small distribution platforms will be held in relay during Family Month, Chuseok, and Christmas.

The Ministry plans to strengthen the policy collaboration system to form a 'One Team' to promote core missions by policy target and strategy, prepare a corporate safety net against prolonged complex crises, and focus on regulatory reforms that significantly impact on-site difficulties. In particular, regulatory difficulties will be identified mainly in areas with high corporate demand and ripple effects, and key regulations will be directly addressed by the minister. The introduction of a 'Regulation Forecast System' will convey field voices, and a plan to temporarily defer newly established or strengthened regulations for small startup companies will also be considered.

Minister Lee Young of the Ministry of SMEs and Startups said, "Despite the difficult economic situation, I confirmed the 모습 of small and medium venture entrepreneurs leading export drives and Startup Korea based on entrepreneurial spirit and explained the ministry's core policy tasks for 2023," adding, "Global, digital, and leap forward together are essential growth strategies to create new values and markets and overcome upcoming low growth and trade barriers. We will do our best to support SMEs, ventures, and small business owners to adopt these as core strategies and leap forward as a ‘global startup powerhouse creating the future in the digital economy era.’"

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