Ministry of SMEs and Startups Holds 2nd Full Meeting of Task Force on Prolonged Complex Crisis Response

Understanding Risks for SMEs, Ventures, and Small Businesses
Preparing Support Measures Based on Economic Scenarios

[Asia Economy Reporter Kim Cheol-hyun] On the 28th, the Ministry of SMEs and Startups held the '2nd Full Meeting of the Task Force for Long-term Response to Complex Crises' at the Seoul Small and Medium Business Technology Information Promotion Agency to review recent economic trends and risks represented by the triple high (3G) complex crisis and to check the response status by sector for SMEs, small business owners, and startup ventures.

The Task Force for Long-term Response to Complex Crises is an expanded and reorganized version of the 'Corporate Risk Response Task Force' that has been ongoing since June. Since the 3rd of this month, external research institutions and private experts from the SME, small business, and startup venture sectors have participated, conducting intensive discussions over a total of eight sessions so far.

The 2nd full meeting began with a presentation on "Domestic and International Economic Trends and 3G Risks" by Research Fellow Lee Hyung-seok of the Hyundai Research Institute, followed by discussions on the operation results and future plans of the TF by sectoral divisions for SMEs, small business owners, and startup ventures.

Going forward, the Ministry of SMEs and Startups plans to continue operating the Task Force for Long-term Response to Complex Crises until the end of the year, preparing response measures based on policy tasks identified by the TF, and to smoothly prepare the 2023 New Year work plan centered on risk response and digital transformation as the two main pillars.

Minister Lee Young said, "If we accurately diagnose the risks expected for SMEs, ventures, and small business owners due to the prolonged complex crisis in advance, and find areas where the government and related organizations can assist to prepare support measures for each economic scenario, we will be able to overcome the upcoming economic shocks more smoothly." He added, "All government, private sector, and related organizations must act as one team, assume the worst-case scenario, and respond meticulously and swiftly."