Jungjingong Innovation Growth Committee Discusses Economic Recovery Plans Centered on SMEs

Policy Recommendations for Economic Recovery and Stabilization, Innovative Growth and Globalization, and Addressing Future Challenges

The Small and Medium Business Corporation (SBC) announced on the 20th that it held the '2nd 2024 Small and Medium Venture Innovation Growth Committee' at its Mokdong office in Seoul. The Small and Medium Venture Innovation Growth Committee is an advisory group of SBC established to diagnose SME and venture business policies from a 'private sector-led innovation growth perspective' and to suggest directions for innovation. The advisory members consist of key figures from various fields, including entrepreneurs from national core industries such as materials and components, digital and AI, future strategic industries, as well as experts in finance, industry, and exports.

This committee meeting was the second of the year following the one held in February, attended by about 30 people including SBC Chairman Kang Seok-jin, Committee Chairman Kim Jong-o, advisory members, and SBC executives and staff. Chairman Kang cited key achievements over the past year, including focused support for SMEs and ventures in innovation growth sectors such as super-gap and new industries, diversification of job support projects to alleviate labor shortages through collaboration with the Ministry of Justice’s Correctional Headquarters, and policy synergy creation through cooperation with related institutions such as the Korea Technology Finance Corporation and the Korea Trade Insurance Corporation.

Small and Medium Business Corporation

Looking ahead, the priority areas were presented as ▲ recovery and stabilization of SME and venture business management to enhance economic recovery and dynamism centered on SMEs and ventures ▲ innovation growth and globalization of promising growth companies ▲ response to national future challenges such as declining working population, regional extinction, and climate crisis ▲ customer-centered institution and service operation. The advisory members agreed with SBC’s policy direction and suggested that the voices from the SME and venture business field be reflected in detailed policies.

Committee Chairman Kim Jong-o stated, “SBC has continuously strived to meet the demands of the SME and venture business field,” and added, “I hope SBC will continue to take the lead so that our companies can regain recovery and stability and make a new leap forward through change and innovation.”

Chairman Kang emphasized, “We will proactively become a ‘visiting SBC’ that identifies difficulties in advance in challenging industries and business sites and promptly reflects what is needed on the ground in projects and support systems,” and added, “For SMEs that can rise again once they overcome difficult and tough hurdles, we will be a reliable support pillar, and for promising companies with innovative capabilities and the will to leap forward, we will be a strong growth ladder.”