Concerns Raised Over Influx of Low-Priced Chinese Products
The small and medium-sized business sector met with Kim Jungkwan, Minister of Trade, Industry and Energy, and urged the creation of an ecosystem where large corporations and SMEs can coexist and prosper together.
Kim Kimon, Chairman of the Korea Federation of Small and Medium Business (left), and Kim Jungkwan, Minister of Trade, Industry and Energy, are taking a commemorative photo on the 18th at the Korea Federation of Small and Medium Business in Yeongdeungpo-gu, Seoul. Korea Federation of Small and Medium Business
On December 18, the Korea Federation of Small and Medium Business announced that it had met with Minister Kim Jungkwan at its headquarters in Yeongdeungpo-gu, Seoul, to discuss current industrial and trade issues facing SMEs. The meeting was attended by Han Byungjun, Park Pyeongjae, Jeong Hanseong, and Shin Yongmun, Vice Chairmen of the Korea Federation of Small and Medium Business, as well as Lee Taekseong, Chairman of the Korea Automobile Industry Cooperative Association.
The participants identified the following as risk factors: the influx of low-priced Chinese products, the rise of Chinese technology, and increases in labor and raw material costs. They requested strengthened support for the root industries and the establishment of a cooperative ecosystem between large corporations and SMEs to maintain the domestic manufacturing base.
Kim Kimon, Chairman of the Korea Federation of Small and Medium Business, stated, "Korea's industrial competitiveness is not solely the result of large corporations, but comes from an ecosystem of cooperation between large companies and SMEs that work together nimbly across all areas of materials, components, and equipment. I ask that, in addition to M.AX (Manufacturing AX), which Minister Kim has emphasized as the top priority for industrial policy, we also work together to address unresolved issues such as high tariffs on steel and aluminum derivatives."
Minister Kim responded, "Our economy is undergoing an accelerated transformation of its industrial structure, driven by advanced technological innovation including artificial intelligence (AI), business restructuring in industries with oversupply, and supply chain realignment due to U.S. tariff measures. I will do my utmost to strengthen export capacity and global competitiveness so that SMEs can overcome difficulties and grow into mid-sized and large enterprises."
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