Large and Small-Medium Enterprises Join Forces to Revitalize People's Livelihoods

Korea Federation of Small and Medium Business and Korea Economic Association Sign MOU to Revitalize People's Livelihoods
Joint Promotion of Domestic Vacation Campaigns and Use of Local Currencies
Consumption Promotion Events for Yellow Umbrella Subscribers

The Korea Federation of Small and Medium Business announced on July 7, 2025, that it had signed a "Business Agreement for Revitalizing People's Livelihoods Together with Large and Small-Medium Enterprises" with the Korea Economic Association at the Korea Federation of Small and Medium Business in Yeouido, Seoul. The signing ceremony was attended by Kim Kiwon, President of the Korea Federation of Small and Medium Business, Ryu Jin, President of the Korea Economic Association, and about 10 other executives and officials from both organizations.

Through this agreement, the two organizations have decided to jointly implement various cooperative projects to support small business owners and boost domestic demand. These include launching and encouraging participation in a campaign to promote domestic vacations, as well as revitalizing local commercial districts by utilizing local currencies and Onnuri gift certificates.

The Korea Federation of Small and Medium Business and the Korea Economic Association announced on the 7th that they signed a "Business Agreement for Revitalizing People's Livelihoods Together with Large and Small-Medium Enterprises" at the Korea Federation of Small and Medium Business in Yeouido, Seoul. From the left, Kim Kiwon, President of the Korea Federation of Small and Medium Business, and Ryu Jin, President of the Korea Economic Association. Korea Federation of Small and Medium Business

The Korea Federation of Small and Medium Business also plans to conduct events targeting subscribers to the Yellow Umbrella, a social safety net for small businesses and self-employed individuals, as well as small business owners. The organization will provide 50,000 won worth of Small Business Love Gift Certificates to 100,000 new Yellow Umbrella subscribers, and offer up to 50% discounts at resorts to 20,000 Yellow Umbrella subscribers. Through these events, totaling 8.3 billion won, the organization aims to promote domestic vacations and expand local consumption.

Kim Kiwon, President of the Korea Federation of Small and Medium Business, stated, "This agreement marks a meaningful first step in which large and small-medium enterprises join forces to revitalize domestic demand and breathe new life into the people's economy. I hope that the campaign to restore the people's economy will spread not only throughout the business community but also across society as a whole, providing support to small business owners and self-employed individuals who are facing difficulties."

Ryu Jin, President of the Korea Economic Association, said, "As the slump in domestic demand continues, regional economies are facing the risk of collapse. At a time when the economy is struggling, it is very significant that the Korea Economic Association, representing the business community, and the Korea Federation of Small and Medium Business have joined hands, especially since the President emphasized the importance of revitalizing people's livelihoods in his inaugural address."