[New Year's Address] Choi Jin-sik, Chairman of Junggyeonryeon, "Junggyeon Companies Will Lead the Success of Private-Led Growth"

Chairman Choi Jin-sik's 2023 New Year's Address
Message of Challenge and Hope to Overcome Crisis

Choi Jin-sik, Chairman of the Korea Federation of SMEs

"Although the shadow of crisis looms long over the New Year's morning, the frontline of overcoming every crisis in the Republic of Korea has always been the mid-sized enterprises. Ultimately, hope prevails." The mid-sized enterprise sector emphasized that despite the spreading bleak outlook on the domestic and international economic situation, they must not stop challenging while holding onto hope.

Choi Jin-sik, Chairman of the Korea Federation of Mid-sized Enterprises (KFME), stated in his '2023 New Year's Address' on the 29th, "Even during the IMF crisis when it seemed the country would collapse, and the 2008 global financial crisis, despair did not overcome courage," adding, "In 2023, the Year of the Black Rabbit, the mid-sized enterprise sector will take the lead so that our economy can find a new breakthrough and the lost warmth of social solidarity and community can be restored as a foundational year."

Chairman Choi said, "Drastically improving the numerous laws and systems that exacerbate management difficulties for mid-sized enterprises is fundamentally strengthening the Korean economy," and added, "As the top priority in 2023, we will accelerate the comprehensive revision work to ensure that the Special Act on Mid-sized Enterprises, the legal foundation for fostering mid-sized enterprises, functions as a stable cornerstone through permanent legislation and substantial content enhancement." The Special Act on Mid-sized Enterprises was passed by the National Assembly in December 2013 and implemented in July the following year. It was enacted as a ten-year temporary law and is set to expire in July 2024.

Chairman Choi shared that since his inauguration in February this year, he has continuously emphasized the inevitability of private-led growth and that innovation in industrial policy centered on mid-sized enterprises is the government's top priority. He noted meaningful changes in corporate tax rate reductions and the business succession deduction system, adding, "Although not sufficient, during the National Assembly discussions, measures were needed to expand the possibilities for mid-sized enterprises to secure resources for investment, employment, and management innovation, as well as to strengthen the overall industrial structure and national competitiveness."

Chairman Choi said, "When the collective voice of the mid-sized enterprise sector leads, I dream of all 5,480 mid-sized enterprises standing side by side," explaining, "Not to flaunt the power of narrow interest groups, but because I want to confidently assert the united spirit of the times calling for innovation in the economic growth paradigm." He continued, "The entire mid-sized enterprise sector must discuss together and speak with one voice about the future of the Korean economy and the direction of industrial innovation demanded by the Fourth Industrial Revolution."

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