Ministry of Economy and Finance Launches 'Public-Private Council for Corporate Innovation Support' with Six Major Business Organizations... Koo Yoonchul: "Monthly Field Visits"

Kickoff of Council Chaired by Deputy Prime Minister Koo

Deputy Prime Minister Koo to Visit Business Sites Monthly

The government is launching a robust public-private cooperation platform for ongoing communication with the six major business organizations to invigorate corporate investment and support innovative growth. Deputy Prime Minister and Minister of Economy and Finance Koo Yoonchul has announced plans to visit business sites in person every month, listen to the concerns of companies, and work with relevant ministries to devise immediate solutions.

Eunkyul Koo, Deputy Prime Minister and Minister of Economy and Finance (right), and Taewon Choi, Chairman of the Korea Chamber of Commerce and Industry. Ministry of Economy and Finance.

On the morning of March 12, Deputy Prime Minister Koo chaired the kickoff meeting of the "Public-Private Council for Corporate Innovation Support" at the Korea Chamber of Commerce and Industry. The council is composed of the Ministry of Economy and Finance and the six major business organizations—Korea Chamber of Commerce and Industry, Korea Federation of SMEs, Korea International Trade Association, Korea Employers Federation, Federation of Korean Industries, and Korea Federation of Middle Market Enterprises. The Korea Chamber of Commerce and Industry serves as the secretariat.

Deputy Prime Minister Koo stressed, "With growing global economic uncertainty due to the Middle East crisis, now is the time to expand the size of our economy through overwhelming innovation," adding, "The government will mobilize all available means—including financial, tax, and regulatory innovation—to provide comprehensive support." He reiterated that communication with the field and prompt responses are more important than ever to adapt to rapid environmental changes.

The theme of the first meeting was "Startups and New Industries." The government believes that sustainable growth is only possible when a mutually supportive ecosystem is established, with large corporations leading in global markets and SMEs and startups backing them up. The government plans to significantly strengthen incentives for entrepreneurship and innovation, so that Korean startups can grow into global unicorns (unlisted companies valued at over 1 trillion won).

Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry, responded, "To avoid falling behind in the artificial intelligence (AI) race, we must foster startups with diverse technologies and ideas and create a single innovation ecosystem." He added, "The business community will responsibly convey the voices from the field and respond with innovation and investment."

Participants in the meeting agreed that to be competitive on the world stage, new markets that are difficult to capture within the existing industrial structure should be pioneered through the revitalization of startups.

Deputy Prime Minister Koo plans to personally visit the field with the council every month to hear directly from companies. Starting from next month's meeting, sessions will be held on-site, reflecting the requests and needs of the business community, including proposals from the six major business organizations. Relevant ministries and local governments will also participate flexibly according to the agenda, with the goal of producing tangible policy outcomes.

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