MainBiz Association: "Support SME Innovation to Reignite Growth Engine"

The Korea Management Innovation Association for SMEs (MainBiz Association) congratulated Lee Jaemyung on his election as the 21st President and urged active support for management innovation in small and medium-sized enterprises to reignite Korea's growth engine.

On June 4, the MainBiz Association issued a statement saying, "We have high expectations for the new government, which will build a Korea that leaps forward through national unity."

The association recently assessed the Korean economy, stating, "The country is facing a complex crisis, as overall economic vitality has significantly declined due to entrenched low growth, low birth rates and an aging population, and tariff wars, all of which have weakened growth potential."

The association called on the new government to play a role in overcoming these crises. It stated, "The new government should foster innovative growth among SMEs to restore economic vitality, and actively support management innovation for promising SMEs to nurture innovative enterprises. Through these efforts, Korea should devote all its capabilities to reigniting its growth engine and transforming the economic structure into a robust, ladder-like system that supports sustainable growth."

The association further urged, "Through tailored innovation support for each stage of growth?from small business owners to SMEs, mid-sized companies, and large enterprises?our economy should secure new growth engines full of vitality, and SMEs should be able to grow into global mid-sized companies through innovation."

Finally, the association added, "The MainBiz business community will also work closely with the new government to create many quality jobs through innovation and growth, and to expand into global markets, making every effort to ensure that the Korean economy can 'reignite its growth engine.'"