Yoon: "Innovation in SME Regulations... Rapid Preparation of Support Programs" (Comprehensive)

Yoon Hosts 'Small and Medium Business Owners Conference' for 3 Consecutive Years
Attendance by Large Conglomerate Heads Including Chairman Lee Jae-yong

President Yoon Suk-yeol is applauding with attendees after watching a video at the '2024 Korea Small and Medium Business Conference' held on the lawn of the Yongsan Presidential Office in Seoul on the 23rd. [Image source=Yonhap News]

President Yoon Suk-yeol stated on the 23rd that he will innovate regulations to enable the growth of small and medium-sized enterprises (SMEs) and will also prepare SME support programs such as policy fund assistance as soon as possible.

President Yoon made these remarks at the '2024 SME Entrepreneurs Conference' held in the lawn yard of the Yongsan Presidential Office in the afternoon.

President Yoon said, "Looking back now, the most rewarding and memorable experience was actively conducting sales diplomacy with SME entrepreneurs around the world," adding, "When I heard the news that an SME producing firearm parts, which accompanied me on the UAE (United Arab Emirates) tour, signed a memorandum of understanding to supply parts worth 1 billion dollars over 10 years with a UAE state-owned company, I was extremely delighted."

He continued, "When you go abroad, there is great interest in our SMEs armed with ideas and technological capabilities," and emphasized, "However, even if they have good products, some companies cannot open export routes or need a lot of help to enter the global market. From now on, the government and I will diligently support SMEs, venture companies, and startups that have the competitiveness to enter the global market."

President Yoon mentioned that in February he revised the Startup Support Act to establish a legal basis for supporting startups expanding overseas, explaining, "We are also quickly preparing concrete programs such as overseas expansion-exclusive vouchers and policy fund support."

He added, "We will continue to innovate regulations and build a business-friendly environment so that SMEs can grow further," and said, "The global market will become your market, and the 8 billion people of humanity will become your customers, so we will accelerate sales diplomacy even more."

The SME Entrepreneurs Conference is the largest event in the SME sector held annually since the third week of May was designated as SME Week under the Framework Act on Small and Medium Enterprises in 1989. President Yoon has held this conference at the Presidential Office for three consecutive years since his inauguration.

In his first year in office in 2022, he invited the heads of the five largest conglomerates for the first time to pledge mutual growth and coexistence between large and small businesses, and last year, he held a proclamation ceremony for a ‘Growing Together Korea’ by inviting representatives of startups under 40 years old, including large and small enterprises.

President Yoon Suk-yeol delivers an encouragement speech at the '2024 Korea Small and Medium Business Conference' held on the lawn of the Presidential Office in Yongsan, Seoul, on the 23rd. [Image source=Yonhap News]

The event was held under the slogan "With SMEs to the World! To the Future!" with the theme of "SME Globalization." President Yoon presented the Gold Tower Industrial Medal and other honors to 11 SME entrepreneurs and encouraged them.

The event was attended by about 500 people, including Kim Ki-moon, Chairman of the Korea Federation of SMEs, and officials from related organizations and institutions.

Large conglomerate heads such as Lee Jae-yong, Chairman of Samsung Group; Koo Kwang-mo, Chairman of LG Group; Jang In-hwa, Chairman of POSCO Group; Kim Dong-kwan, Vice Chairman of Hanwha Group; Chung Ki-sun, CEO of HD Hyundai; and Chung Yong-jin, Chairman of Shinsegae, attended, along with ambassadors from 12 countries residing in Korea.

From the government, attendees included Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance; Cho Tae-yeol, Minister of Foreign Affairs; Ahn Duk-geun, Minister of Trade, Industry and Energy; Han Hwa-jin, Minister of Environment; Lee Jeong-sik, Minister of Employment and Labor; Oh Young-joo, Minister of SMEs and Startups; Han Ki-jung, Chairman of the Fair Trade Commission; and Kim Ju-hyun, Chairman of the Financial Services Commission.