Yoon: "Our Economy Depends on Exports and Investment Attraction... Big, Small, and Venture Companies as One Team Are Important"

Small and Medium Business Dialogue Held at Yongsan Presidential Office for 2 Consecutive Years
President Yoon: "We Must Have Confidence That the Global Market Is My Market"
Over 500 Attendees Including Not Only Small and Medium Business Owners but Also Major Conglomerate Heads

On the 23rd, President Yoon Suk-yeol emphasized the importance of an ecosystem where small and venture companies grow together with large corporations, as well as the necessity of economic value and job creation through innovation and challenges by startups and entrepreneurs. President Yoon particularly urged large corporations and small and venture companies to become one team and actively pursue overseas expansion.

On the same day, President Yoon stated at the 2023 Korea Small Business Conference held in the lawn yard of the Yongsan Presidential Office that the government will strive to create a private-led economy centered on a fair and efficient market.

In his encouragement speech, President Yoon highlighted the rebuilding of the market economy system and the transition to a private and corporate-led growth economy over the past year, mentioning, "The way for our economy, which has the highest level of external dependence in the world, to survive lies in exports and attracting investment."

He went on to say that in response to the recent fragmented and block-structured trade and commerce environment, the government has worked together with companies as one team to actively support and promote companies' overseas expansion and exports. Regarding this, President Yoon said, "I have placed the economy at the center of diplomacy and considered myself a salesman for Korea, and I have been working hard," adding, "I will continue to work hard throughout my term," which received applause.

President Yoon further stated, "Our companies have no reason to be afraid or anxious," urging, "Have confidence that the global market is your market, muster courage, and boldly jump in. The government will also do its best to help ensure that the market operates fairly and efficiently."

[Image source=Yonhap News]

President Yoon particularly said, "When small and venture companies grow together with large corporations, they can compete in the global market with the highest quality and innovative products, which directly relates to our competitiveness," defining, "Competition in the global market is not between individual companies but between ecosystems and clusters."

He also promised that the government would help create new economic value. President Yoon explained, "Under a fair market competition system, the government will support startups and companies so that their creative ideas can generate new economic value, and in the process, many quality jobs can be created. Jobs are not created by the government's direct finances but by companies and startups, and they are created through creativity and a spirit of challenge. The government aims for a private-led economy and supports the market to operate fairly and efficiently."

He added, "I and the government will do our best to allow you to fully demonstrate your capabilities," cheering, "Fighting to all our entrepreneurs."

After his encouragement speech, President Yoon commended and awarded small business owners who have worked for economic development. Additionally, small and venture company officials and future generations in attendance held a 'Growing Together Korea' proclamation ceremony, pledging to grow together through cooperation, and shared excellent cases of collaboration between senior and junior small businesses. Notably, about half of the attendees today were young entrepreneurs under their 40s, who also pledged their determination to grow together with senior entrepreneurs.

The 'Growing Together Korea' proclamation declared by the small business community on this day, according to the Presidential Office, presents a vision across the small business sector to create an atmosphere where all economic actors grow together, with private sectors at the center, by supporting mentoring, networking, and collaboration for innovative growth of the next generation by senior companies including small businesses, small merchants, venture companies, women-owned businesses, and platform companies.

The event was attended by Kim Ki-moon, Chairman of the Korea Federation of SMEs; Lee Jae-yong, Chairman of Samsung Electronics; Chey Tae-won, Chairman of SK; Chung Eui-sun, Chairman of Hyundai Motor; Koo Kwang-mo, Chairman of LG; Shin Dong-bin, Chairman of Lotte; Kim Seung-yeon, Chairman of Hanwha; Huh Chang-soo, Chairman of GS; Kwon Oh-gap, Chairman of HD Hyundai; Chung Yong-jin, Vice Chairman of Shinsegae Group, and other large corporation heads; major financial figures including chairpersons of Industrial Bank of Korea, Shinhan Financial Group, KB Financial Group, and Hana Financial Group; and about 500 people from small and venture companies and small merchants.

[Image source=Yonhap News]

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