Ministry of SMEs and Startups Holds TF Meeting to Discuss Response Measures
Requests Active Response from Affiliated Agencies Such as Korea SMEs and Startups Agency
"We Will Continue to Monitor SME Damage"
The Ministry of SMEs and Startups announced on June 16 that it had convened a meeting of the "Task Force (TF) for SME Damage Response Related to the Middle East Conflict" to assess the damage status of small and medium enterprises and to discuss future response measures, following the recent rapid changes in the Middle East situation caused by the conflict between Israel and Iran.
This TF meeting was held jointly with major support organizations for SMEs, including the Korea SMEs and Startups Agency, the Korea Institute of Startup & Entrepreneurship Development, the Korea Federation of SMEs, and the Korea Small Business Institute. The meeting took into account various concerns such as disruptions in SME export and import transactions and logistics delays. The participants assessed potential damage factors for SMEs and discussed response measures for each conflict scenario.
The Ministry of SMEs and Startups held a meeting of the "Task Force (TF) for SME Damage Response Related to the Middle East Conflict" on the 16th to assess the damage status of small and medium enterprises due to the recent rapid changes in the Middle East situation caused by the conflict between Israel and Iran and to discuss future response measures. Ministry of SMEs and Startups
The Ministry of SMEs and Startups requested that each organization participating in the TF meeting maintain close information sharing and cooperation systems to minimize damage to SMEs, and to respond actively so that prompt support can be provided in the event of damage to SMEs.
Since the armed conflict between Israel and Hamas in 2023, the Ministry has set up a damage reporting center at the regional SME Export Support Centers to receive reports of damage. To date, the impact of the current situation has been assessed as limited.
The Ministry plans to continue monitoring ongoing damage, such as management difficulties caused by surging oil prices and disruptions in maritime logistics, and will review necessary support measures to minimize the impact on exports. The Ministry also plans to closely cooperate with related ministries, including the Ministry of Foreign Affairs and the Ministry of Trade, Industry and Energy.
Lee Soonbae, Director General for Global Growth Policy at the Ministry of SMEs and Startups, stated, "Uncertainty in the Middle East is increasing due to the conflict between Israel and Iran, making it important to quickly assess the damage status and establish a support system to help exporting SMEs prepare for business deterioration. We will continue to monitor the damage to SMEs through export support centers in the field, taking into account various possibilities such as escalation or prolonged conflict, and will review support measures with related ministries as needed."
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