InnoBiz Association Delivers "InnoBiz Policy Proposal Book" to People Power Party

The InnoBiz Association announced on May 26, 2025, that it had delivered a set of policy proposals titled "SME R&D Engine, InnoBiz as the Backbone of the Industrial Ecosystem" to the People Power Party in light of the 21st presidential election.

The ceremony for delivering the InnoBiz companies’ policy proposal book was held at the office of the Policy Committee Chair of the People Power Party at the National Assembly in Yeouido on the same day. Key figures in attendance included Kim Sanghoon, Head of Policy at the People Power Party Central Election Committee, and Jung Kwangcheon, President of the InnoBiz Association, among other major stakeholders.

The InnoBiz Association is holding a policy proposal delivery ceremony with the People Power Party and taking a commemorative photo. InnoBiz Association

At this event, the association presented five major strategies and ten key action items under the vision of "InnoBiz as the Platform for Korea's Leap to Become One of the World’s Top Four Manufacturing Powerhouses." The strategies focused on "R&D," "talent," "funding," "globalization," and "digital transformation." The association emphasized that enabling technology-innovative InnoBiz companies to grow into global innovation leaders is a core solution to the current global supply chain crisis.

Specific R&D-related proposals included: ▲expanding the global R&D budget under the Ministry of SMEs and Startups to promote global R&D among small and medium-sized enterprises; ▲introducing earned income tax credits for Ph.D.-level researchers working at SMEs in regional areas to help these companies secure advanced research talent; and ▲passing legislation to diversify R&D support methods, such as loan-type R&D programs. Additional suggestions included: ▲promoting technology trade to address tariff barriers; ▲expanding the dissemination of the InnoBiz system to spread K-policies; and ▲developing user-centered SME AX support strategies.

Jung Kwangcheon, President of the InnoBiz Association, stated, "InnoBiz companies internalize technological innovation through systematic R&D and serve as the backbone of Korea's industrial ecosystem by achieving continuous growth and global expansion." He added, "To strengthen the self-sufficiency and innovation capabilities of SMEs, it is essential to establish a private sector-led R&D platform centered on InnoBiz companies and to develop strategies for responding to global supply chain crises."

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