Kim Ki Moon, Chairman of the Korea Federation of SMEs, Attends President-Business Community Meeting
"Structural Problems Are Also Serious... Please Hold a Meeting to Encourage Us"
"Support Needed for Overseas Exports of K-Beauty and K-Food Products"
On the 13th, President Lee Jae Myung met with the heads of the five major conglomerates and leaders of economic organizations to discuss ways to revitalize the economy. During the meeting, Kim Ki Moon, Chairman of the Korea Federation of SMEs, requested that the president visit the field to encourage small and medium-sized enterprises (SMEs) and small business owners.
At the President-business community meeting held at the Yongsan Presidential Office in Seoul that day, Chairman Kim said, "Last year, the number of small business owners and self-employed people who closed their businesses exceeded one million, and by February this year, another 200,000 had closed. Beyond the economic downturn, the fundamental structural problem is that the population is decreasing due to low birth rates and aging, which is leading to a decline in the consumer population itself. This is a serious situation."
He continued, "There was a report in the news this morning that the United States will impose a 50% tariff on washing machines and refrigerators. This is expected to negatively affect not only large corporations but also their SME partners."
President Lee Jae Myung is holding an emergency economic security inspection meeting regarding Israel's airstrike on Iran at the Yongsan Presidential Office on the 13th. Photo by Yonhap News
Chairman Kim also mentioned the sense of expectation for the economy since the launch of the new administration. He said, "As the exchange rate stabilizes and stock prices rise, companies are starting to regain hope. In particular, the president said in his inaugural address that 'peace without the need to fight is the most certain security,' and the recent suspension of loudspeaker broadcasts to North Korea and the positive response from North Korea are positive developments."
He added, "Many SMEs that had entered the Kaesong Industrial Complex hope that inter-Korean economic cooperation will go well, and as one of the first entrepreneurs to enter, I sincerely hope for its success."
He also requested government support for SMEs to expand overseas. He said, "Various products made by SMEs, such as K-food and K-beauty, are popular abroad. I hope the government will expand marketing support for overseas expansion, including participation in exhibitions."
Chairman Kim said, "SMEs and small business owners are having a very difficult time right now. I hope the president will visit the field in person to encourage SME entrepreneurs and hold a meeting with them."
President Lee stated, "The most important issue is ultimately the livelihood of the people. The core of that is the economy, and at the heart of the economy are businesses." He added, "Many may be interested in what the government can do for businesses, and if it is something that will help the national economy, we will do our utmost."
Attendees from the business community included Lee Jae Yong, Chairman of Samsung Electronics; Chey Tae Won, Chairman of SK Group and the Korea Chamber of Commerce and Industry; Chung Eui Sun, Chairman of Hyundai Motor Group; Koo Kwang Mo, Chairman of LG Group; and Shin Dong Bin, Chairman of Lotte Group. Among the heads of economic organizations, Chairman Kim was joined by Ryu Jin, Chairman of the Federation of Korean Industries; Sohn Kyung Shik, Chairman of the Korea Employers Federation; Yoon Jin Sik, Chairman of the Korea International Trade Association; and Choi Jin Sik, Chairman of the Korea Federation of Middle Market Enterprises.
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