Domestic and International Public and Private Institutions Gather in One Place
to Review the Globalization Status of SMEs and Ventures
On the 20th, the Ministry of SMEs and Startups held the 'SME Globalization Strategy Meeting' at the Dongdaemun Design Plaza (DDP) Design Lab in Seoul to review the implementation status of global support for SMEs and startups and discuss future policy directions.
The recent domestic and international environment surrounding export SMEs is challenging. Due to factors such as high exchange rates, difficulties and concerns for SMEs are increasing, and uncertainties in the domestic and international environment are higher than ever following the inauguration of the second term of the Trump administration. In this situation, the Ministry of SMEs and Startups held this meeting both online and offline to allow participation from domestic and international organizations to review the export difficulties faced by our SMEs and check the implementation status of various policies promoted since the announcement of the globalization support measures in May this year.
On-site, organizations participating in the SME and startup globalization one-team consultative body were present, including SME and startup-related associations and organizations, the Korea Economic Association, public institutions under the Ministry of SMEs and Startups, the four major banks, Kim & Chang Law Office, Law Firm Gwangjang, and Samil PwC.
Minister Oh Young-joo of the Ministry of SMEs and Startups is presiding over the 'SME Globalization Strategy Meeting' on the 20th at DDP Design Lab in Jung-gu, Seoul. Photo by the Ministry of SMEs and Startups
Online, more than 30 participants joined, including Hong Jin-wook, Ambassador to Singapore representing the overseas SME and startup support one-team consultative body, overseas dispatched officers from the Ministry of SMEs and Startups, and heads of overseas bases who serve as secretariat institutions for the overseas one-team consultative body.
The meeting began with a presentation by Minister Oh Young-joo of the Ministry of SMEs and Startups on the implementation status of SME and startup globalization policies and future policy directions, followed by a free discussion among attendees. Participants evaluated that the Ministry’s proactive globalization policies have established a systematic environment for SMEs’ exports and overseas expansion. Private associations expressed concerns about the unstable domestic and international environment and emphasized the need for more meticulous and active government support to enable SMEs to respond promptly.
Minister Oh stated, “This year marks the first year of establishing a systematic infrastructure to support the globalization of our SMEs and startups through public-private cooperation. We will steadfastly pursue support policies for globalization, which is the growth engine of our SMEs and startups, amid rapidly changing domestic and international environments.”
The Ministry of SMEs and Startups plans to continuously expand cooperation with domestic and international consultative bodies and accelerate policy tasks for SME and startup globalization, such as converting domestic companies into export companies, fostering K-export strategic items, and expanding export policy infrastructure. Minister Oh added, “To respond swiftly to the recent difficulties caused by high exchange rates, we will announce the 2025 SME support projects, including export support projects worth approximately 620 billion KRW, early to quickly supply funds to SMEs.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
