Small and Medium Enterprises Sector, Biden's Visit to South Korea "High Expectations for Revitalizing Economic Cooperation"

[Asia Economy Reporter Kwak Minjae] The small and medium-sized enterprises (SMEs) sector has expressed a warm welcome to U.S. President Joe Biden's official visit to Korea.

The Korea Federation of SMEs issued a statement on the 21st, saying, "We have high expectations for the revitalization of economic cooperation between the two countries following this Korea-U.S. summit."

It added, "The United States is Korea's second-largest trading partner and an essential country in Korea's industrial supply chain. Especially since the Korea-U.S. FTA came into effect in 2012, trade and investment between the two countries have significantly increased over the past decade. We hope that participation in the IPEF will serve as a catalyst for activating economic exchanges between the two countries and for the growth of our SMEs."

Furthermore, it stated, "The 6.88 million SMEs will also adapt to the global environment, strengthen their competitiveness, become global specialized companies, and make their best efforts as key economic actors in the Korean economy."