The Solution to Regional Extinction Crisis Lies in SMEs

Jungjinkong Publishes SME Policy Forum Booklet on Regional Extinction Crisis Response with Balanced Development Committee

Policy recommendations have been made emphasizing the need for multifaceted support for regional small and medium-sized enterprises (SMEs) and ventures, including cooperation systems among SME support organizations, region-linked innovative startup support, SME special zones, strengthening regional partnerships, and globalization of SMEs, to respond to the risk of regional extinction.

The Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 23rd that it has published a booklet containing the outcomes of a regional expert policy forum conducted jointly with the Presidential Committee on Balanced National Development (Chairman Kim Sa-yeol, hereinafter referred to as the Balanced Committee).

From October to November last year, SBC and the Balanced Committee held a policy forum under the theme "Policy Directions and Roles of SMEs and Ventures to Respond to the Risk of Regional Extinction." The policy forum, conducted in the form of in-depth discussions on detailed topics, involved a total of 17 experts from various fields, including Professor Song Won-geun of the Department of Economics at Gyeongsang National University, Research Fellow Kim Yoon-soo of the Korea Institute for Industrial Economics and Trade, Research Fellow Kim Sang-shin of the Korea Institute of Startup & Entrepreneurship Development, Professor Jeong Seong-hoon of the Department of Geography Education at Kangwon National University, and Ko Nam-ryeong, International Cooperation Officer of the Balanced Committee.

The policy forum discussed topics such as ▲ regional crises and the role of SMEs and ventures ▲ regional industrial restructuring and SMEs and ventures ▲ the Fourth Industrial Revolution and fostering regional SMEs and ventures ▲ startup ecosystems and youth employment ▲ regional SMEs and ventures and regional partnerships ▲ and global expansion strategies for regional SMEs and ventures.

As detailed strategies for responding to the risk of regional extinction and fostering regional SMEs and ventures, the experts proposed ▲ cooperation among SME support organizations centered on local governments ▲ building regional SME databases by metropolitan local governments ▲ integrating SME youth employment support programs into a unified brand ▲ establishing industrial innovation platform clusters based on regional economic zone transactions utilizing hyperconnectivity technologies (AI, IoT, etc.) ▲ expanding regional innovative startup platforms to metropolitan areas ▲ strengthening regional partnerships and networks ▲ and globalization of SMEs and ventures through combined multifaceted export strategies.

Chairman Kim Hak-do said, "The policy forum is meaningful in that the government, support organizations, and experts came together to seek measures to respond to the risk of regional extinction," adding, "SBC will strive to leverage the strengths of its field organizations nationwide so that SMEs and ventures can create jobs, invigorate regions, and further build a virtuous cycle regional economic ecosystem that leads innovative growth."