Koo Yoonchul: "We Must Create a Third Venture Boom... Will Promote AI-Driven Smart Transformation for SMEs"

SMEs Need to Prepare for AI-Driven Transformation
Support System for SMEs to Shift Toward "Growth Promotion"

Koo Yoonchul, Deputy Prime Minister for Economy and Minister of Strategy and Finance, emphasized the need to create a third venture boom on September 5, stating, "Small and medium-sized enterprises (SMEs) can produce world-class products, become unicorns, and lead the global market. The government will work together to promote AI-driven smart transformation."

Koo made these remarks at the 76th Hope Small and Medium Business Forum held at the Westin Chosun Hotel in Jung-gu, Seoul, on this day. He said, "Since SMEs face many challenges at the individual company level, we will do our utmost to enable AI-driven smart transformation by industry or through various methods."

Koo Yoonchul, Deputy Prime Minister for Economy and Minister of Strategy and Finance, is delivering a congratulatory speech at the 76th Hope Small and Medium Business Forum held at the Westin Chosun Hotel in Jung-gu, Seoul on the 5th. Ministry of Strategy and Finance

In his congratulatory speech, Koo expressed concern that, given the changing domestic and global economic environment-including global trade risks, the AI revolution, and demographic shifts-"If we do not create a new growth formula different from the past, we will quickly face limitations." He added, "Korea must also transition to a super-innovative economic system as soon as possible," and pointed out that "SMEs need to adopt AI for process management, enhance efficiency, reduce costs, and build new business models." He reiterated, "The government will do everything possible within its capacity to support SMEs."

Koo stressed the importance of not only revitalizing venture startups but also enabling existing SMEs to drive a third venture boom through technological innovation powered by AI. He said, "The government has increased next year's AI-related budget by more than 10 trillion won," and added, "We will discover promising small and medium venture companies through AI competitions, and if technology development is achieved, we will establish a National Growth Fund exceeding 100 trillion won to invest." He also stated, "We will overhaul the entire SME support system to promote growth and support scaling up to mid-sized companies," and "We will comprehensively review regulations as well."

Koo said, "SMEs are the backbone and heart of Korea," adding, "The backbone must be strong for the pulse to beat vigorously and for our economy to regain vitality." He continued, "Let us write a new growth story through a cooperative or collaborative economic system where companies take the lead, the government provides support, and experts participate together," and urged, "I hope SMEs will continue to innovate and lead change."