Government Seeks 'Real Growth' for SMEs and Mid-Sized Companies... Holds Biohealth Relay Meeting

Strengthening Support for Promising Bio Companies to Enter the Global Market

On August 8, the government held a relay on-site meeting at the Osong Advanced Medical Complex in North Chungcheong Province, presided over by Hyungil Lee, First Vice Minister of the Ministry of Economy and Finance. The meeting was attended by officials from related ministries, including the Ministry of SMEs and Startups, the Ministry of Trade, Industry and Energy, and the Ministry of Health and Welfare, as well as relevant agencies such as the Ministry of Food and Drug Safety. Five small and medium-sized enterprises (SMEs) and mid-sized companies in the biohealth sector, including Medytox and Novarex, also participated.

This meeting was convened to explore ways to improve support systems for SMEs, such as tax policies and research and development (R&D), which currently discourage SMEs from growing into mid-sized companies. Participating companies made suggestions based on their on-site experiences, and related ministries and agencies engaged in in-depth discussions.

Hyungil Lee, First Vice Minister of the Ministry of Economy and Finance, is presiding over the "Biohealth Sector Relay On-site Meeting" and delivering opening remarks on the 8th at Osong Advanced Medical Industry Promotion Foundation located in Osong, Cheongju. Ministry of Economy and Finance

The participating companies proposed that support programs are needed to help promising SMEs and mid-sized companies commercialize their R&D achievements and develop into global enterprises. The relevant ministries stated that they would strengthen support for the commercialization of promising technologies closely linked to corporate management, investment connections, exports, and global cooperation, so that domestic companies with promising bio technologies can enter the global market.

The participants also reached a consensus on the need to reform SME and mid-sized company support systems to focus on management activities closely related to growth, such as investment, R&D, the adoption of artificial intelligence (AI), and the development of export markets.

Going forward, the government plans to continue holding relay on-site meetings by industry and region, listen to on-site feedback from related ministries, and continuously identify tasks to improve systems that will help promote corporate growth.