Full-scale Implementation of the 'Special Act for Mid-sized Enterprises' with Permanent Law Transition

Specification of Declarative Provisions
Enhancement of Effectiveness Including Expansion of Financial Support
Promotion of Comprehensive Revision

The 'Special Act on the Promotion of Growth and Strengthening Competitiveness of Medium-sized Enterprises,' which has been converted into a permanent law, came into full effect on the 19th. The medium-sized enterprise sector welcomed this, stating that they will expand the status and value of the Special Act as a stable legal foundation for an advanced country-type partnership encompassing small, medium, and large enterprises.

The Korea Federation of Medium-sized Enterprises, through a statement by Chairman Choi Jin-sik on the day of the Special Act's enforcement, said, "The stable status of the 'Special Act' as the legal basis for medium-sized enterprise policies will serve as a strong foundation supporting 'growth as a flow' that connects small enterprises as future medium-sized enterprises and large enterprises as the future of medium-sized enterprises, as well as the development of medium-sized enterprises."

Chairman Choi said, "In the face of the global economic upheaval called post-COVID and the Fourth Industrial Revolution, it is time to seek the evolution of the Special Act, which broadly reflects changes and demands from the field, so that medium-sized enterprises of all sizes and industries can respond effectively. By reforming the passive and rigid financial system that does not reflect the characteristics of medium-sized enterprises that achieve growth through continuous investment, and by significantly expanding support from central and local governments, we will strengthen the effectiveness of the Special Act through a comprehensive revision to solve chronic job mismatch problems in medium-sized enterprises."

Chairman Choi also emphasized, "The Special Act will be truly recognized for its value when it functions as a catalyst that facilitates mutual cooperation among small, medium, and large enterprises, not just a specific group of medium-sized enterprises, thereby enabling the smooth operation of the entire corporate ecosystem. Based on active investment, job creation, and high economic contribution, medium-sized enterprises, as the core of the Korean economy and a bridge for corporate growth, will faithfully fulfill the mission of 'connection and coexistence' assigned to them, thereby realizing the historical significance of the implementation of the 'Special Act.'"

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