'Growing K Small and Medium Venture Defense'... National Assembly Forum

Defense Small and Venture Business Association Hosts Discussion on the 24th
At the National Assembly on 'Strengthening Competitiveness of Small and Venture Businesses'

As the domestic defense industry gains recognition for its technological capabilities overseas and establishes itself as a new growth engine, a National Assembly forum aimed at enhancing the competitiveness of domestic defense small and medium venture enterprises (SMVEs) will be held.

According to the Defense Small and Medium Venture Enterprises Association on the 23rd, the association will hold a forum titled "Strengthening the Global Defense Competitiveness of Advanced Materials, Components, Equipment (SoBuJang) and IT (Information Technology) Small and Medium Venture Enterprises" on the 24th at the auditorium on the basement first floor of the National Assembly Library in Yeouido, Seoul. Legislative officials including Ahn Gyu-baek and Boo Seung-chan (both from the Democratic Party of Korea), Yoo Yong-won (People Power Party), Kim Jong-min (Independent), members of the National Defense Committee, and related companies are scheduled to discuss growth plans for defense SMVEs.

In particular, the forum will explore ways to promote mutual growth and win-win cooperation among defense SMEs, expand technology transfer areas, establish offset trade partnerships, and support exports in education and training sectors. Considering that the current defense system is centered on large corporations, there are calls for institutionalizing government support programs and incentives to promote technology development for SMEs with weak foundational capabilities through legislation.

At the forum, officials from the Defense Acquisition Program Administration’s Defense Policy Division, Samjeong Accounting Corporation, the Defense Small and Medium Venture Enterprises Association, and a security research institute will present and discuss topics such as ▲ current status of overseas defense exports and win-win cooperation promotion ▲ outlook on Europe’s defense industry and prospects for K-SoBuJang IT companies’ market entry ▲ sustainable growth strategies for defense SMVEs ▲ legal and institutional innovation measures for mutual growth and cooperation between large corporations and SMEs.

Since the forum was initiated based on a consensus that the competitiveness of defense SMEs has reached a critical level, it is expected to be a valuable opportunity for direct and indirect stakeholders in the defense industry to exchange realistic and constructive opinions.

Won Jun-hee, president of the Defense Small and Medium Venture Enterprises Association, stated, “Despite the importance of an advanced defense system, the competitiveness of domestic SMEs is weakening. There is an urgent need to recognize that if SMEs collapse, there will be no future for Korea’s defense industry.”