Choi Jin-sik, Chairman of the Federation of Medium-Sized Enterprises, "Need to Reassess the Principles of Growth"

Choi Jin-sik, Chairman of the Federation of Medium and Small Enterprises, 2024 New Year's Address

"We must spread a correct understanding of the principles of growth and minimize unnecessary conflicts between generations and social classes, gathering wisdom to expand mutual understanding and cooperation for the prosperity of future generations. Without promising tomorrow to the youth, no future prospects are possible."

Choi Jin-sik, Chairman of the Korea Federation of Medium-Sized Enterprises, stated this in his "2024 New Year's Address" on the 28th. Chairman Choi pointed out that "approaches that tie a sandbag to the ankles of companies based on ideological inertia that pits capital against labor only hasten the decline of our economy."

Chairman Choi Jin-sik

This year, the medium-sized enterprise sector achieved many milestones, including the March transition of the "Special Act on Medium-Sized Enterprises" from a 10-year temporary law to a permanent law. However, Chairman Choi emphasized that changes in domestic laws and systems are still necessary. He believes that fundamental questions must once again be raised about the deeply ingrained fixed ideas underlying the minimum wage, the 52-hour workweek system, and the Yellow Envelope Act.

Chairman Choi also added, "It is extremely urgent to break away from the outdated notion of wealth inheritance and boldly ease inheritance and gift taxes, thereby laying the foundation for an advanced country-style win-win partnership where small businesses smoothly grow into medium-sized and large enterprises and cooperate."

Chairman Choi continued, "To ensure that the year 2024, the Year of Gapjin, is recorded as a new turning point of growth beyond crisis, all medium-sized enterprises must actively participate in solidifying the 'Special Act on Medium-Sized Enterprises' as the legal basis for the 'waist' of our economy and in improving laws and systems that increase management difficulties, including killer regulations in various sectors."