Checking Current Issues of Joint Projects in Small and Medium Enterprise Cooperatives
The Korea Federation of SMEs announced on the 9th that it held the ‘2024 1st Joint Business Committee Meeting’ at the Federation of SMEs in Yeouido, Seoul.
The committee included Kim Ki-moon, President of the Federation of SMEs, Kang Deok-gu, Co-Chairman of the Joint Business Committee (Chairman of the Korea Pump Industry Cooperative), and seven other members. Moon Jae-soo, CEO of Home&Shopping, and Nam Myung-geun, CEO of Korea Business Finance, attended to deliver contributions for the joint business support fund. They discussed current issues in joint businesses of SME cooperatives, new joint business initiatives, and system improvements.
On the same day, the ‘May Joint Business Support Fund Intensive Fundraising Campaign’ was also launched to revitalize joint businesses of SMEs. Home&Shopping (300 million KRW), Korea Business Finance (100 million KRW), and Korea Electronics Industry Cooperative (10 million KRW) contributed support funds. There are plans to expand contributions from cooperatives in the future.
President Kim said, “This year, with the expansion of support budgets such as labor costs and joint business expenses, the conditions for promoting joint businesses of cooperatives have somewhat improved, providing some relief. However, the self-reliance foundation of cooperatives is still insufficient. Going forward, it is necessary to activate voluntary joint business support funds for the growth of cooperatives and SMEs. Through the intensive fundraising in May, we expect active contributions from cooperatives to start, followed by participation from other economic actors such as large corporations.”
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