"Overcoming Internal and External Complex Crises: Mid-sized Companies Must Find Breakthroughs"

Jang Young-jin, 1st Vice Minister of Industry
"Frontline in Overcoming Economic Crisis for Mid-sized Companies
Will Expand Support Policies Such as Export Growth and Supply Chain Stabilization"

The Korea Chamber of Commerce and Industry (KCCI) Mid-sized Enterprise Committee held a meeting with Jang Young-jin, the 1st Vice Minister of the Ministry of Trade, Industry and Energy, on the 26th at the Westin Chosun Hotel in Jung-gu, Seoul.

This meeting was organized to listen to the government's explanation on policy directions for mid-sized enterprises amid worsening domestic and international conditions such as global economic slowdown due to high exchange rates and high oil prices, and trade deficits, and to provide a communication opportunity with mid-sized businesspeople.

Jang Young-jin, 1st Vice Minister of the Ministry of Trade, Industry and Energy. Photo by Korea Chamber of Commerce and Industry

On the day, Jang Young-jin, the 1st Vice Minister of the Ministry of Trade, Industry and Energy, said in his lecture titled "Growth Strategies for Mid-sized Enterprises in the Era of Industrial Transformation," "So far, under the Yoon Suk-yeol administration's dynamic economy policy of 'private sector leading and government supporting,' we have focused on ▲strong export drive policies ▲fostering national strategic industries such as semiconductors ▲regulatory and labor reforms ▲economic security and national interest-centered diplomatic policies ▲restoration of the nuclear power ecosystem and effective carbon neutrality implementation."

Vice Minister Jang continued, "Mid-sized enterprises have played a vanguard role in overcoming our economic crises based on solid competitiveness," and added, "To strengthen the response capabilities of mid-sized enterprises amid the global complex crisis and industrial transformation era, the government will actively support mid-sized enterprises focusing on four major areas: ▲export expansion ▲supply chain stability ▲digital transformation response ▲high growth and innovation."

Lee Jong-tae, Chairman of the Mid-sized Enterprise Committee: "Innovation and Challenge by Mid-sized Enterprises Are Crucial to Overcome Crisis... Timely Government Support Is Necessary"

Lee Jong-tae, Chairman of the KCCI Mid-sized Enterprise Committee (Chairman of Fursys), also said in his greeting, "The speed of environmental changes surrounding our companies is very fast, and unprecedented uncertainty continues." He diagnosed the current situation, saying, "The global industrial landscape is rapidly changing, and uncertainties due to geopolitical risks such as the US-China hegemony conflict and the Ukraine situation persist," and "especially, the environment for companies is challenging due to high interest rates, high inflation, and high exchange rates."

Chairman Lee added, "To overcome these crises and achieve new growth, innovation and challenge by our companies are important," and emphasized, "Government's timely support policies must back companies so that they can quickly respond to changes in the industrial environment and create new technologies and business opportunities."

The meeting was attended by about 20 representatives and executives of mid-sized enterprises, including Lee Jong-tae, Chairman of the KCCI Mid-sized Enterprise Committee, Park Jin-sun, President of Sempio Foods, Choi Byung-oh, Chairman of Fashion Group Hyungji, Park Young-an, Chairman of Taeyang Shipping, Yoon Seok-geun, Chairman of Il Sung Pharmaceutical, Kim Jong-yoon, CEO of Yanolja, and Choi Young, President of Genesis BBQ.

The KCCI Mid-sized Enterprise Committee was launched in 2009 to gather opinions on policy issues for mid-sized enterprises and strengthen communication with the government to enhance the competitiveness of mid-sized enterprises, and is composed of representatives and executives of mid-sized enterprises.

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