"Scaling Up Mid-sized Enterprises Is Key to Strengthening the Sustainable Growth Ladder"

The 5th Policy Forum on Innovative Growth of Mid-sized Enterprises Held

There is a growing consensus that, in order to effectively respond to the rapid industrial transformation driven by the artificial intelligence (AI) revolution and to secure sustainable industrial competitiveness, it is essential to strengthen the growth ladder based on the scaling up of mid-sized enterprises.

Choi Jinsik, Chairman of the Korea Federation of Mid-sized Enterprises, expressed this view at the "5th Policy Forum on Innovative Growth of Mid-sized Enterprises," held at the National Assembly Members’ Office Building on November 24. The Korea Federation of Mid-sized Enterprises co-hosted the forum with the office of Lee Cheolgyu, Chairman of the National Assembly Trade, Industry, Energy, SMEs, and Startups Committee, and the Korea Association for Mid-sized Business Studies.

Choi Jinsik, Chairman of the Korea Federation of Mid-sized Enterprises, is delivering a welcoming speech. Korea Federation of Mid-sized Enterprises

Chairman Choi stated, "Scaling up mid-sized enterprises is the best strategy to strengthen the business ecosystem, as it expands the scale of globally competitive specialist companies and promotes the active growth of small businesses." He further explained, "By prioritizing finance-the core of scaling up-along with easing regulations and expanding support in areas such as R&D, labor, and the environment, we can drive the scaling up of mid-sized enterprises, which form the backbone of our economy and the foundation of our industries. This, in turn, will enable us to comprehensively enhance industrial competitiveness based on the simultaneous growth of all business sectors."

Lee Cheolgyu, Chairman of the National Assembly Trade, Industry, Energy, SMEs, and Startups Committee, said in his opening remarks, "As the internal and external environment becomes increasingly complex with intensified global competition and expanding trade regulations, the National Assembly must serve as a more robust safety net to ensure that mid-sized enterprises remain resilient." He added, "Our committee will do its utmost to establish support strategies for each stage of growth and to devise effective measures across all areas, including finance and trade, to facilitate the scaling up of mid-sized enterprises."

Kim Youngjoo, Professor at Pusan National University, Kwon Yongsoo, Professor at Konkuk University, and other participants who delivered keynote presentations, also agreed that it is urgent to establish a stable support system for growth, including proactive expansion of financial support, to ensure the smooth scaling up of mid-sized enterprises.

Chairman Choi emphasized, "Given the formidable speed of the AI revolution, missing the timing for innovation in the growth paradigm could put our national industry and economy in an irrecoverable situation." He added, "The National Assembly, government, and industry must work together to enhance the effectiveness of the overall financial infrastructure, including policy finance, and to swiftly improve rigid legal and institutional systems in order to facilitate the scaling up of mid-sized enterprises."

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