Urgent Need for Extraordinary Public-Private Cooperation System
Chairman Choi Jin-sik: “Mobilize All Capabilities to Overcome Crisis and Boost Exports”
Director General Jeong In-gyo: “Establish ‘One Team, One Voice’ to Respond to Trade Changes”
In the context of expanding trade and commerce crises such as the abolition of Korea's steel tariff-free quota under the second Trump administration, there is an opinion that an urgent activation of an extraordinary cooperation system between the government and the private sector is necessary to boost the export vitality of mid-sized enterprises.
Choi Jin-sik, chairman of the Korea Federation of Mid-sized Enterprises, stated this on the 19th at the ‘189th Mid-sized Enterprise CEO Luncheon Lecture Inviting Jeong In-gyo, Director General of Trade Negotiations.’ Chairman Choi said, “We must face the reality of the crisis caused by the persistent supply chain instability, the spread of protectionism, and the tough policy stance of the second Trump administration, and accelerate efforts to seek effective solutions by mobilizing all capabilities of the public and private sectors.”
Choi Jin-sik, Chairman of the Korea Federation of Medium-sized Enterprises (right), is delivering a proposal to Jung In-gyo, Director General of Trade Negotiations, titled "Resolving Difficulties of Medium-sized Enterprises for Improving Trade and Commerce Environment in the Era of Global Uncertainty."
He continued, “The government’s decision to increase the dedicated R&D budget for mid-sized enterprises this year by 53% compared to last year to 53.4 billion won, and to expand new support projects from 9 last year to 31, is very timely as an emergency measure to respond to the crisis,” adding, “To effectively enhance the export capabilities of all companies including mid-sized enterprises, it is necessary to boldly ease regulations in various fields such as labor and environment, and to significantly expand capacity-building support appropriate to this unprecedented situation, advancing more proactive measures.”
In response, Jeong In-gyo, Director General of Trade Negotiations, said, “To effectively respond to the rapid changes in the trade environment, it is most important for the public and private sectors to establish a joint cooperation system as ‘one team, one voice,’” and added, “We will do our best to provide timely information so that mid-sized enterprises, the backbone of our economy and a key part of the global supply chain, do not suffer difficulties due to changes in the trade environment, and to prepare effective support measures such as the ‘3rd Basic Plan for Growth Promotion of Mid-sized Enterprises.’”
Chairman Choi said, “We must urgently control the rapid global environmental changes as well as the ongoing domestic political and social turmoil so that the greatest economic adversity, ‘uncertainty,’ does not amplify to an irreversible level,” and added, “While immediately implementing short-term symptomatic measures to overcome the crisis, we must also make maximum efforts to simultaneously promote a long-term growth paradigm shift by creating a legal, institutional, and regulatory environment at the level of advanced countries to strengthen the overall industrial structure.”
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