"For Korea's Economic Leap Forward, Large and Medium Enterprises Must Strategize Together"

Jointly Hosted by Korea Federation of SMEs, Federation of Korean Industries, and National Assembly
Great Debate on Revitalizing the Korean Economy

For the economic leap forward of our country, it was suggested that large corporations and small and medium-sized enterprises (SMEs) should jointly consider response strategies, with labor market reform being particularly urgent. On the 15th, the Korea Federation of SMEs (Chairman Kim Ki-moon), the Federation of Korean Industries (Acting Chairman Kim Byung-joon), the National Assembly’s Planning and Finance Committee (Chairman Yoon Young-seok), and the National Assembly’s Industry, Trade, Energy, SMEs and Startups Committee (Chairman Yoon Kwan-seok) held the "Korean Economy Vitality Forum" at the KBIZ Hall of the Korea Federation of SMEs.This forum was organized as the opening event of the legally designated "SME Week," bringing together the National Assembly, large corporations, and SMEs to seek ways to overcome the complex economic crisis and revitalize the Korean economy.Attendees included Ryu Sung-gul, Chairman of the Tax Subcommittee of the National Assembly’s Planning and Finance Committee, Bang Ki-sun, First Vice Minister of Strategy and Finance, Cho Joo-hyun, Vice Minister of SMEs and Startups, among others. The event featured a keynote presentation by Ko Young-sun, Research Fellow at the Korea Development Institute, followed by a panel discussion with six experts.

Kim Ki-moon, Chairman of the Korea Federation of Small and Medium Business, is delivering a welcoming speech at the "Great Debate on Seeking Vitality in the Korean Economy" held on the 15th at KBIZ Hall of the Federation.

Kim Ki-moon, Chairman of the Korea Federation of SMEs, stated, "Over the past 60 years, South Korea has achieved remarkable progress in all fields including the economy and culture, proudly joining the ranks of advanced countries. However, in the current complex economic crisis, labor market reform is urgently needed for SMEs and the Korean economy to regain vitality." Kim Byung-joon, Acting Chairman of the Federation of Korean Industries, also remarked, "To overcome the current economic crisis and enable the Korean economy to leap forward again, it is crucial to create an environment where companies can focus on their business activities. It is necessary to abolish numerous regulations that constrain companies, improve the outdated labor market and tax competitiveness, and expand investment."

Ko Young-sun, Research Fellow at the Korea Development Institute and presenter at the event, addressed the topic "Why is the vitality of the Korean economy declining?" He said, "Without fundamental solutions through social consensus, only superficial policies are being repeatedly applied." He emphasized, "To inject vitality into our economy, all stakeholders, regardless of whether they are large or small and medium enterprises, must reach agreements to reform government policies such as regulations and the labor market, thereby enhancing national productivity." In the subsequent comprehensive discussion, Professor Lee Jung-hee of Chung-Ang University served as the moderator, with participation from Professor Bae Jong-tae of KAIST, Professor Heo Jun-young of Sogang University, Chu Moon-gap, Head of Economic Policy at the Korea Federation of SMEs, Cho Kyung-yeop, Director of Economic Research at the Korea Economic Research Institute, and Kim Jae-hwan, Policy Coordination Officer at the Ministry of Strategy and Finance, who shared their views.

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