Mid-sized Companies Welcome Government's 'Hangari-type Economy' Growth Strategy

[Asia Economy Reporter Kim Cheol-hyun] The mid-sized enterprise sector has expressed a welcoming stance toward the government's announced 'Innovative Small and Mid-sized Enterprise Growth Strategy.' On the 13th, the Korea Federation of Mid-sized Enterprises (KFME) stated, "The Innovative Small and Mid-sized Enterprise Growth Strategy is a new vision and mission focused on strengthening the backbone of the economy in earnest, reaffirming the value and status of mid-sized enterprises as the tactical vanguard of the Korean economy to confront global environmental changes."

KFME explained, "To effectively respond to the Fourth Industrial Revolution as well as the civilizational paradigm shift known as the 'post-COVID-19 era,' a progressive approach that fundamentally transcends various existing inertias and conventions in aspects such as companies, labor, competition, and harmony is essential. Setting the global re-leap of small and mid-sized enterprises as the key to early realization of innovative growth and declaring to raise the economic contribution of the 'backbone' to 30% by 2030 is a timely solution aiming not only at overcoming short-term crises but also at long-term industrial structural changes centered on mid-sized enterprises."

Furthermore, KFME said, "Especially, establishing the growth of global specialized companies, next-generation specialized companies, and companies surpassing 10 billion KRW in sales, along with fostering regional and social anchor companies as one of the four main promotion strategies, is a correct direction that focuses on the role and value of the economy as the foundation supporting the economy, all regions, and the lives of all citizens, both in reality and psychologically. From planning to execution stages, actively collecting opinions from the field to continuously monitor the progress of policy implementation, and persistently promoting supplementary measures reflecting the practical difficulties of companies?such as further expanding the special credit guarantee targets for innovative mid-sized enterprises, which have been increased from 3 billion KRW to 15 billion KRW?are necessary."

KFME also emphasized, "As a growth strategy brand, the 'Hangari-type economy' symbolizes a stable economic structure that guarantees continuous growth and represents recognition and prospects for the present and future of mid-sized enterprises as a bridge of solidarity and cooperation among enterprise groups. The mid-sized enterprise sector will actively respond to the government's policy efforts and devote itself solely to the mission given to enterprises?work, that is, investment, production, and job creation?to lead economic growth and enhance public welfare in the post-COVID era, thereby contributing to Korea's leap forward."