Mid-sized Enterprises Sector "Actively Cooperate for Effective Implementation of Domestic Demand Revitalization Measures"

Government's 'Domestic Demand Revitalization Measures' and Opinions from Mid-sized Enterprises

The mid-sized enterprise sector announced on the 29th that it will actively cooperate in the effective implementation of the government's announced domestic demand revitalization measures. The Korea Federation of Mid-sized Enterprises (KFME) released a statement on the day, saying, "In a situation where the trade deficit continues and domestic demand has been severely contracted due to high inflation and high interest rates, the government's 'domestic demand revitalization measures' are a balanced plan seeking to stimulate the economy focusing on vulnerable sectors such as tourism, local areas, neighborhood markets, and small business owners, under the clear premise of the need for price stabilization."

The KFME evaluated the measures as "an opportunity to awaken frozen consumer sentiment caused by rising raw material prices due to the Ukraine war, global inflation, and economic contraction due to the high interest rate trend, and to spread warmth throughout the local economy as well as the overall livelihood economy." In particular, it welcomed "measures such as providing travel expenses to workers of mid-sized and small enterprises with a budget of 20 billion won, and supporting accommodation expenses for companies wishing to implement workation (travel-friendly work system), which simultaneously promote corporate productivity improvement and worker welfare."

The KFME further emphasized, "The basic implementation policy of the domestic demand revitalization measures, which actively induces private sector cooperation rather than government-led initiatives, should be developed into a more sustainable basic principle for all economic stabilization measures." A KFME official said, "The mid-sized enterprise sector will do its best to enhance overall economic vitality through bold investment, innovation, and continuous overseas market development, while actively cooperating in the effective implementation of the domestic demand revitalization measures."

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