Chairman Jin-Sik Choi of the Korea Federation of Medium-Sized Enterprises: "Korea-U.S. Tariff Negotiations Should Be Approached with Confidence in Our Companies' Competitiveness"

Revealed During Meeting with Minister Jung-Kwan Kim of the Ministry of Trade, Industry and Energy on October 1

In order to reach the optimal agreement in mutual and item-specific tariff negotiations with the United States, the medium-sized business community has expressed the view that it is necessary to approach the talks with confidence, leveraging the competitiveness of Korean companies.

On October 1, Jin-Sik Choi, Chairman of the Korea Federation of Medium-Sized Enterprises, met with Jung-Kwan Kim, Minister of Trade, Industry and Energy, who visited the Federation, and said, "Although confusion is spreading due to the United States' tariff policies, the long-standing global trade norms, based on the 'principles of economics' involving many countries, will ultimately restore a rational order."

Jin-Sik Choi, Chairman of the Korea Federation of Medium-Sized Enterprises (right), and Jung-Kwan Kim, Minister of Trade, Industry and Energy, are posing for a commemorative photo. Korea Federation of Medium-Sized Enterprises

Chairman Choi stated, "To secure predictability and stability in trade and commerce, it is essential to reduce reliance on certain countries, including the United States, and diversify export markets." He continued, "By actively utilizing our world-class technological competitiveness, expertise, and global networks, the medium-sized business sector will take the lead in pioneering new markets in ASEAN, India·the Middle East·Central Asia·Africa·and Central and South America."

Chairman Choi further emphasized, "To secure a leading position in the changing global market environment, we must establish a foundation for sustainable growth by innovating traditional industries with advanced technologies such as AI, proactively discovering new businesses, and restructuring industries." He added, "We must start by creating a legal, institutional, and regulatory environment that enhances the vitality of companies, which is the foundation of industrial competitiveness and the source of national wealth. This includes strengthening 'productive finance,' eliminating unreasonable regulations in areas such as labor and environment, and promoting the scaling up of businesses."

Minister Jung-Kwan Kim stated, "In the face of challenging internal and external economic changes, such as follow-up negotiations on Korea-U.S. tariffs and the spread of AI technology, the role of medium-sized enterprises, which are a solid pillar of our economy, is more important than ever." He continued, "We will provide tailored support at each stage of growth so that the growth ladder from small to medium-sized to large enterprises can function smoothly, and we will actively improve regulations that hinder corporate growth."

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