Jin-sik Choi, Chairman of Junggyeonryeon, "Need to Strengthen Public-Private Financial Support for Mid-sized Companies"

Calls for Flexible Loan and Guarantee Systems for Mid-sized Companies to Address Global Economic Uncertainty

Choi Jin-sik, Chairman of the Korea Federation of Mid-sized Enterprises, stated, "To maximize the potential of mid-sized enterprises that form the export base across all sectors, including traditional manufacturing, ICT, pharmaceuticals, and bio, the financial support system must be progressively improved."

At the '187th Mid-sized Enterprise CEO Luncheon Lecture' hosted by Yoon Hee-sung, President of the Export-Import Bank of Korea, on the 17th, Chairman Choi said, "We must actively incorporate the realities of mid-sized enterprises that inevitably find it difficult to meet requirements during periods of rapid short-term growth within the framework of policy financial support."

Opening remarks by Choi Jin-sik, Chairman of the Korea Federation of Medium-sized Enterprises.
[Photo by Korea Federation of Medium-sized Enterprises]

He continued, "The expansion of the statutory capital from 15 trillion won to 25 trillion won following the amendment of the Export-Import Bank of Korea Act last March is very desirable in terms of strengthening policy financial capabilities. To achieve balanced development of our exports and industrial competitiveness, sufficient support should also be expanded for mid-sized enterprises facing difficulties due to the deteriorating external export environment," he explained.

This implies that to establish a solid momentum for economic recovery in the second half of the year, it is necessary to strengthen public-private financial support that can enhance the dynamism of mid-sized enterprises, which serve as the driving force of exports.

Chairman Choi emphasized, "As a core engine of exports, the source of national wealth, mid-sized enterprises with high future value and growth potential should be able to sustain growth based on flexible policy financial support. We must pool wisdom to achieve structural changes in laws, systems, policies, and support programs."

Yoon Hee-sung, President of the Export-Import Bank of Korea, in his lecture titled 'Measures to Promote the Growth of Mid-sized Enterprises, the Backbone of the Korean Economy,' stated, "Through the newly established 'Supply Chain Stabilization Fund,' we will support mid-sized enterprises related to economic security items and provide optimal step-by-step solutions such as ESG consulting and support for current R&D expenses to help mid-sized enterprises grow into global export companies."

According to the 'Survey on the Use of the Export-Import Bank of Korea by Mid-sized Enterprises,' conducted by the Korea Federation of Mid-sized Enterprises from May 27 to last month on 170 mid-sized companies, the main areas for improvement identified were 'Expansion of policy fund support (32.6%),' 'Simplification of documents and procedures (16.3%),' and 'Expansion of export tax support (16.3%).'