1.4% of Mid-sized Companies Account for 19% of Korea's Exports... Prime Minister Han: "We Will Expand Regulatory Reform, Financial, and Tax Support"

9th Mid-sized Entrepreneurs' Day Ceremony
'Gold Tower Order of Industrial Service Merit' Chairman Kang Hogap of Shinyoung · 'Silver Tower Order of Industrial Service Merit' Chairman Park Ildong of Diseck

Only 1.4% of Korean companies are mid-sized enterprises, yet they account for 19% of domestic exports and significantly contribute to investment and job creation, playing a central role in the Korean economy. The government plans to actively foster mid-sized enterprises with the goal of reaching 10,000 such companies and $200 billion in exports by 2030.

The Ministry of Trade, Industry and Energy and the Korea Federation of Mid-sized Enterprises held the '9th Mid-sized Enterprise Day Ceremony' on the 15th at the Westin Chosun Hotel in Seoul, attended by about 200 people including Prime Minister Han Duck-soo, First Vice Minister of Trade, Industry and Energy Jang Young-jin, Chairman Choi Jin-sik of the Federation, and representatives of mid-sized enterprises.

The 5,480 mid-sized enterprises recorded a 5.4% export growth rate through the third quarter of this year, which is higher than the national average of 3.9%. They also achieved a record domestic investment performance of 39 trillion won (provisional) last year.

Prime Minister Han Duck-soo (center), Jang Young-jin, 1st Vice Minister of Trade, Industry and Energy (fourth from the left), and Choi Jin-sik, Chairman of the Korea Federation of SMEs (fourth from the right), are posing for a commemorative photo at the '9th SME Day Ceremony' held on the 15th at the Grand Ballroom of the Western Chosun Hotel in Jung-gu, Seoul.

At the event, Prime Minister Han said, "Despite difficult conditions such as increasing global economic uncertainty, sustained high interest rates and inflation, and a slowdown in growth due to shrinking exports and consumption, mid-sized enterprises have steadfastly supported our economy in various aspects including exports, employment, and investment." He added, "I deeply thank the mid-sized enterprise leaders who are leading economic recovery through relentless challenges and innovation."

Prime Minister Han continued, "We will systematically develop the 'Mid-sized Enterprise Act' to suit the changed industrial environment," and stated, "We will also actively expand regulatory reforms and financial and tax support to back the innovative growth of mid-sized enterprises."

Chairman Choi Jin-sik of the Federation responded, "2023 is a very meaningful year as the long-awaited 'Mid-sized Enterprise Act' has been institutionalized," and said, "All mid-sized enterprise leaders will actively engage in exports, investment, and job creation next year to leap forward as a global pivotal nation."

The ceremony, under the slogan 'Jobs! Growth! Global Pivotal Nation! Mid-sized Enterprises Promise,' included ▲awards for 46 distinguished contributors, the largest number ever, ▲a 'Mid-sized Enterprises Promise' ceremony focusing on investment expansion and job creation, among other events.

The highest honor, the Gold Tower Order of Industrial Service Merit, was awarded to Chairman Kang Ho-gap of Shin Young, who acquired a bankrupt company during the foreign exchange crisis and grew it into a global automotive parts specialist with sales of 600 billion won, contributing to exports and job creation. Chairman Kang also served as president of the Korea Federation of Mid-sized Enterprises from 2013 to 2022, greatly contributing to the development of the mid-sized enterprise sector.

The Silver Tower Order of Industrial Service Merit was awarded to Chairman Park Il-dong of Disec, a world-class comprehensive shipbuilding and marine engineering company, who contributed to spreading a culture of co-growth in the shipbuilding industry by establishing a cluster of about 200 domestic shipbuilding and marine equipment companies and sharing overseas sales networks and connections.

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