Korea SMEs and National Cohesion Committee Collaborate to Bridge Big-Small Business Gap

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Key Details of the Agreement Between KBIZ and National Cohesion Committee

The Korea Federation of Small and Medium Enterprises (KBIZ) recently announced a significant business agreement with the Presidential Committee of National Cohesion. This collaboration was formalized at the KBIZ headquarters in Yeouido, Seoul, on the 1st of this month. The primary goal of this partnership is to foster the growth of small and medium-sized enterprises (SMEs) while addressing the growing issue of economic polarization.

Through this agreement, both parties have committed to conducting joint research and investigations aimed at promoting mutual growth and cooperation between large and small businesses. They also plan to organize events, discussions, and meetings to identify effective policies that can support SMEs. Additionally, the two organizations have pledged to propose these policies to relevant government agencies, monitor their implementation, and collaborate on promotional campaigns to enhance the public perception of SMEs.

On-Site Meeting with SMEs

Following the announcement of the agreement, an on-site meeting with SME representatives took place. During this meeting, several key topics were discussed, including:

  • Preparing innovation plans for small manufacturing industries
  • Resolving technological gaps between large and small businesses
  • Addressing the dual structure of the labor market
  • Establishing a "Committee for the Growth of All" (tentative name)
  • Introducing a regulatory jury system

These discussions reflect a shared commitment to creating a more balanced and inclusive economic environment.

Statements from Key Figures

KBIZ Chairman Kim Ki-mun emphasized the current challenges faced by SMEs in Korea. He highlighted that the country's economic ecosystem is heavily centered around large enterprises, with just 0.1% of companies accounting for 66.3% of total added value. This imbalance has deepened the polarization between large and small businesses.

Kim stated, “I hope this agreement will serve as an opportunity for SMEs to play a greater role in our society.” He further noted that the polarization between large and small businesses is spreading across society, and he expects both institutions to work together to achieve national integration through SME growth and the resolution of such disparities.

Perspectives from the National Cohesion Committee

Lee Seok-yeon, Chairman of the National Cohesion Committee, echoed similar sentiments. He described SMEs as the roots and pillars of the economy and expressed his intention to review the establishment of the proposed "Committee for the Growth of All" once the committee's organizational structure is finalized.

Lee also mentioned that the committee will strive to realize the introduction of a "citizen jury system" for regulatory improvement. This initiative will involve discussions with relevant government agencies to ensure that regulations are fair and supportive of SMEs.

Conclusion

The collaboration between KBIZ and the National Cohesion Committee marks a significant step towards addressing economic imbalances and fostering a more equitable environment for SMEs. Through joint efforts, the two organizations aim to create sustainable growth opportunities and reduce the widening gap between large and small businesses. Their commitment to policy development, public awareness, and regulatory reform signals a promising direction for the future of Korea’s SME sector.

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