Choi Jin-sik, Chairman of Junggyeonryeon, Confirmed for Reappointment at 2025 General Meeting

Declaration of the First Year for Establishing a Foundation for Sustainable Growth of Medium-Sized Enterprises

The Korea Federation of Medium-Sized Enterprises announced on the 19th that it elected Chairman Choi Jin-sik as the 12th chairman at the ‘2025 General Assembly’ held at the Shilla Hotel in Seoul. His term is three years, until February 2028. Chairman Choi, whose reappointment was confirmed, delivered an inaugural message urging reform of the inheritance and gift tax system as the best solution for establishing a foundation for sustainable corporate growth and revitalizing the economy.

On the day, Chairman Choi said, “There can be no disagreement with the principle that corporate growth creates jobs, advances the economy, and a better economy forms the foundation for a more prosperous life for the people,” adding, “We will boldly fulfill the fundamental role of an economic organization by proactively raising issues on the inheritance and gift tax system improvement, as well as other sensitive issues that are core tasks for our society’s development but are difficult to discuss openly, and by leading reasonable solutions.”

On the 19th, Choi Jin-sik, chairman of the Korea Federation of Medium-sized Enterprises, who was confirmed for reappointment at the '2025 Korea Federation of Medium-sized Enterprises Regular General Meeting,' is speaking. Provided by the Federation of Medium-sized Enterprises

Since his inauguration as the 11th chairman in 2022, Chairman Choi has led the transition of the Medium-Sized Enterprises Act into a permanent law, a long-standing wish of the medium-sized enterprise sector. He is credited with significantly contributing to improving the business environment for medium-sized enterprises by driving various legal and institutional innovations such as a 1 percentage point reduction in corporate tax base brackets, excluding medium-sized enterprises from corporate tax on undistributed income, expanding the scope and limits of inheritance and gift tax special cases, permitting foreign workforce employment for root medium-sized enterprises located outside the metropolitan area, and easing the application criteria for medium-sized prestigious long-established companies.

Chairman Choi stated, “Centered on the ‘Management Advisory Committee,’ which will be operated under the leadership of the senior vice chairman of the federation, we will seek improvements in the legal and institutional environment to support the future of medium-sized enterprises and explore a paradigm shift in economic growth. At the same time, we will do our best to ensure that various support projects to strengthen the capabilities of medium-sized enterprises are planned and implemented more substantively,” adding, “By faithfully fulfilling social contributions befitting the name of the six major economic organizations, we will establish ourselves as an important hub contributing to the development of the community. We will closely communicate and cooperate not only with the medium-sized enterprise sector but also with the government, the National Assembly, and various sectors.”