Small and Medium Venture Business Promotion Corporation Holds Joint Policy Training with World Bank in Fiji

Transferring Korea-Style SME Policies

The Small and Medium Venture Business Promotion Corporation announced on the 24th that it will hold the "Joint Policy Training of the Small and Medium Venture Business Promotion Corporation and the World Bank" in Fiji in cooperation with the World Bank.

Exterior view of the Korea SMEs and Startups Agency in Jinju, Gyeongsangnam-do. Korea SMEs and Startups Agency

This policy training will be held from the 24th to the 26th and has been organized to transfer Korea-style small and medium-sized enterprise (SME) policies and to support the strengthening of policy formulation and implementation capabilities for SMEs in Pacific island countries. About 30 SME policy officials from five countries that have received support from the Korea Trust Fund, including Fiji, Papua New Guinea, and the Solomon Islands, as well as officials from the World Bank, attended the training.

Fiji, where this training is being held, is regarded as a hub in the Pacific island region, where international organizations and major development cooperation projects are concentrated. By promoting this joint training with the World Bank, the Small and Medium Venture Business Promotion Corporation expects to lay the groundwork for spreading Korea's SME policy model within the framework of international development cooperation.

In this training, the Small and Medium Venture Business Promotion Corporation shared its accumulated experience and operational know-how as an SME policy implementing agency, including policy funds, customized support by growth stage based on corporate diagnosis, and overseas marketing. In particular, it focused on introducing the support system designed according to each growth stage and the effective policy implementation methods of public institutions.

The training program mainly covered the following agenda items: the structure and operating system of Korea's SME policies; methods of supporting growth by linking Korea's policy funds with non-financial policies; sharing of the current status of SME policies and discussion of improvement directions in each participating country; and mid- to long-term policy cooperation measures between the Small and Medium Venture Business Promotion Corporation and local policy institutions.

Participants visited local SMEs to directly recognize the policy needs in their own countries and sought future directions for policy improvement based on Korea-style support cases.

Janghyuk Park, Executive Director for Global Growth at the Small and Medium Venture Business Promotion Corporation, said, "This policy training is meaningful in that it marks the full-fledged start of SME policy cooperation with Pacific island countries," adding, "Through this, exchanges among SMEs and practical economic cooperation are expected to expand further."