President Yoon Attends 'Small and Medium Business Conference'... Commitment to Fairness and Coexistence Between Large and Small Businesses

President Yoon Suk-yeol Photo by Yonhap News

[Asia Economy Reporter Donghyun Choi] On the 25th, the small and medium-sized enterprises (SME) sector held the '2022 Korea SME Entrepreneurs Convention' at the lawn square of the Presidential Office in Yongsan-gu, Seoul, attended by President Yoon Suk-yeol.

Marking its 33rd year, the SME Entrepreneurs Convention is a festival to review the achievements of small and venture business owners who contributed to the development of the Korean economy in areas such as jobs, exports, and social contribution, and to boost their pride. This event was the first held at the Presidential Office since the new government took office. It is significant in that SMEs, large corporations, and the government jointly declared Korea's dynamic innovative growth.

The slogan for this year's convention was "60 Years of Steps, 100 Years of Hope" for small and venture businesses. It highlighted the economic history of overcoming crises that enabled Korea, devastated after the war, to rise to the ranks of the world's top 10 economies through the dedicated efforts of small and venture business owners, and looked forward to the next 100 years, aiming to elevate Korea to a world-class nation through the strength of SMEs and the vitality of small business owners.

For the first time in the SME Entrepreneurs Convention, a pledge ceremony was held to recommit to the re-leap of the Korean economy through fairness and coexistence between large and small-medium enterprises. Key SME and venture business leaders, including Kim Ki-moon, Chairman of the Korea Federation of SMEs, and heads of the five major conglomerates such as Samsung and SK, participated in a hand-printing ceremony. They pledged, "Small and large enterprises will create a prosperous Korea together through fairness and coexistence."

About 550 people attended the event, including government officials led by President Yoon Suk-yeol, related SME organizations, and distinguished contributors to SMEs. A total of 93 government awards, including the Gold Tower Order of Industrial Service Merit, were presented to exemplary SME entrepreneurs, outstanding workers, contributors to development, and excellent organizations.

This year, the honor of the Gold Tower Order of Industrial Service Merit went to Joo Bo-won, CEO of Samheung Heat Treatment, and Kim Dong-woo, CEO of Shinwoo Concrete Industry. CEO Joo devoted 35 years to the heat treatment field and achieved localization of equipment. He was recognized for his contribution to the development of the root manufacturing industry, processing more than 60% of domestic forged products. CEO Kim contributed to the concrete manufacturing industry through continuous technological development, from introducing concrete drainage pipes for agricultural and waterway management to products applied to high-speed railway tracks.

At the official dinner, representatives from large corporations, SMEs, and government officials gathered and agreed to promote dynamic innovative growth driven by the private sector and supported by the government based on cooperation and trust between companies.

Lee Young, Minister of SMEs and Startups, emphasized, "We are currently facing an urgent crisis where we must become a world-class nation within the next five years," adding, "The Ministry of SMEs and Startups will play a strong supporting role so that small and venture business owners and small business operators can emerge as proud main actors of the Korean economy and turn this crisis into an opportunity."

Kim Ki-moon, Chairman of the Korea Federation of SMEs, stated, "For the Korean economy, which is experiencing growth stagnation, to make a leap forward, companies must grow through innovation and create an economic structure where the rewards can be fairly shared," and added, "Bold deregulation by the government and the establishment of a coexistence committee directly under the president as an institutional foundation for coexistence between large and small-medium enterprises are necessary."