Gyeonggi-do to Hold Emergency Economic Review Meeting on 18th... Reviewing Support Measures for SMEs and Small Business Owners

Yeom Tae-young, Deputy Governor for Economy of Gyeonggi Province, is presiding over the 6th Emergency Economic Inspection Meeting on the 18th.

Gyeonggi Province held the "6th Emergency Economic Inspection Meeting" on the 18th at the Gyeonggi Provincial Government Office, chaired by Deputy Governor for Economic Affairs Yeom Tae-young, to review the progress of support measures for small and medium-sized enterprises (SMEs) and small business owners and to hear field opinions.

Deputy Governor Yeom Tae-young stated, "Economic uncertainty surrounding our country is increasing, with various economic research institutions revising their economic forecasts or projecting different scenarios. During times of high economic uncertainty, SMEs and small business owners can react sensitively even to minor shocks, potentially spreading risks throughout the market. Therefore, delicate policy support that resonates on the ground is necessary."

Attending the emergency economic inspection meeting were Joo Won, Head of Economic Research at Hyundai Research Institute; Noh Min-seon, Research Fellow at the Small and Medium Business Venture Research Institute; Lee Jae-moon, CEO of BAP Co., Ltd.; and Kim Byung-do, Vice Chairman of the Gyeonggi Province Small Business Association.

Joo Won, Head of Economic Research at Hyundai Research Institute, emphasized, "It is essential to secure the function of consumption as an economic safety net to compensate for the sharp decline in export-driven growth. Efforts should also be made to improve corporate investment sentiment through fostering new technologies and new growth industries and resolving killer regulations. To prevent the economy from worsening further, expansionary budgets such as supplementary budgets are necessary."

Noh Min-seon, Research Fellow at the Small and Medium Business Venture Research Institute, suggested, "The perceived performance of SMEs, small business owners, and traditional markets has worsened compared to the previous year, and there is a possibility of price issues such as inflation, oil prices, and public utility charges emerging in the future. Active support for market development for companies and presenting life-cycle growth paths for young workers in SMEs are needed."

Currently, Gyeonggi Province is implementing support projects for SMEs and small business owners, including ▲support measures for accounts receivable insurance premiums ▲establishment of startup funds, Gyeonggi Opportunity-UP small business special guarantees ▲and expanded support for small business management environment improvement projects.

Meanwhile, to actively respond to the difficult economic situation and economic downturn, Gyeonggi Province has submitted a supplementary budget proposal that increases the total budget by 143.2 billion KRW compared to the original budget, focusing on revitalizing the construction economy, alleviating corporate management burdens, and supporting vulnerable groups.

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