Choi Jin-sik, Chairman of the Federation of Korean Industries, "We Must Expand the Horizon of Economic-Security Convergence Diplomacy"

Junggyeonryeon Holds Meeting Between Chairman Choi Jin-sik and Foreign Minister Cho Tae-yeol on the 12th

Choi Jin-sik, Chairman of the Korea Federation of Medium-Sized Enterprises, emphasized on the 12th that cooperation with major countries should be expanded under the banner of economic-security convergence when meeting Cho Tae-yeol, Minister of Foreign Affairs, who visited the Federation.

On the day, Chairman Choi said, “Even during the past three years of intensified domestic and international instability, medium-sized enterprises, which played a leading role in expanding exports by recording an average annual export growth rate of 15.4%, should be supported to secure solid global competitiveness by enhancing an all-around support system that includes building multinational networks and assisting in resolving administrative difficulties in local countries.”

Foreign Minister Cho Tae-yeol (left) and Choi Jin-sik, Chairman of the Korea Federation of Medium-sized Enterprises, are posing for a commemorative photo.

Chairman Choi stated, “We must continuously strengthen partnerships with major advanced countries and regional cooperation bodies such as the United States, ASEAN, APEC, and G20 to establish the foundation of economic security,” and “especially, since the United States is a key partner that determines the sustainability of our economic security, we need to closely analyze the impact of the upcoming presidential election in November on our companies and collaboratively build scenarios between the public and private sectors to achieve the best possible outcome.”

Minister of Foreign Affairs Cho Tae-yeol said, “Expanding bilateral and multilateral diplomacy and building international solidarity infrastructure to enhance economic security lead to securing the foundation for medium-sized enterprises’ overseas expansion,” adding, “We will listen carefully to voices from the field through communication with companies, including economic organizations and related institutions, and strengthen people’s livelihood economic diplomacy for our companies’ entry into the global market.”

In response, Chairman Choi said, “Medium-sized enterprises, which account for 1.3% of all companies but are responsible for 18.2% of exports, will be able to play a role in broader overseas markets as a core group of companies leading the rise of global pivotal countries, and we will closely communicate not only with government ministries including the Ministry of Foreign Affairs but also with the newly launched 22nd National Assembly.”