SME Community Welcomes Government's Vision to "Restore the Growth Ladder"

"Hoping for Tangible Results in the Field"

The small and medium-sized business sector has welcomed the vision of "Restoring the Growth Ladder for SMEs, Startups, and Small Business Owners," announced by the Ministry of SMEs and Startups during its work report on December 17.

The Korea Federation of SMEs issued a statement on the same day, saying, "Until now, SMEs and small business owners have faced growth limitations due to sluggish domestic demand and external uncertainties. Among the 8.3 million SMEs, only 3.1% are small enterprises and 1.6% are medium-sized enterprises." The statement continued, "In this context, the announcement clearly demonstrates the government's commitment to supporting the growth of SMEs, startups, and small business owners."

Small and Medium Business Administration, Yeouido, Seoul. Small and Medium Business Administration

The Korea Federation of SMEs also evaluated the four key initiatives announced by the Ministry as "policy tasks that reflect the needs of the field." In its work report, the Ministry of SMEs and Startups presented four key initiatives: revitalizing local economies and small business owners, promoting startups and venture businesses, fostering innovation and growth in manufacturing SMEs, and establishing a business ecosystem based on fairness and mutual growth.

The Korea Federation of SMEs stated, "We hope that this announcement will not remain merely a declaration, but will quickly lead to tangible results that can be felt on the ground. The Korea Federation of SMEs will also work closely with the government to support the sustainable growth of SMEs."