Choi Jin-sik, chairman of the Korea Federation of Medium Enterprises, will serve another term.
The federation announced on the 20th that it held its '2025 regular general meeting' at the Shilla Hotel in Jung-gu, Seoul on the 19th and re-elected the current chairman, Choi Jin-sik, as the 12th chairman. His term will last three years until February 2028.
On this day, Chairman Choi emphasized the need for reform of the inheritance and gift tax system as the best solution for the foundation of sustainable growth for corporations and the revitalization of the economy.
Chairman Choi said, "There can be no disagreement on the principle that the growth of corporations creates jobs, promotes economic development, and that a better economy creates a more prosperous foundation for people's lives," adding, "I will proactively raise issues about the urgent but difficult topic of improving the inheritance and gift tax system, which is essential for our society’s development, and fulfill the role of an economic organization in driving rational solutions."
Since taking office as the 11th chairman in February 2022, Chairman Choi has led the long-desired transition of the medium enterprises law into a permanent law.
He is recognized for significantly improving the management environment for medium enterprises by leading various legal and institutional innovations, such as a 1% reduction in the corporate tax standard rate by bracket, excluding medium enterprises from the corporate tax on undistributed income, expanding the taxation special treatment and limits for inheritance tax and gift tax, granting permission for foreign labor to root medium enterprises located outside the metropolitan area, and easing the criteria for applying for prestigious long-standing medium enterprises.
Chairman Choi said, "I will do my utmost to ensure that the improvement of the legal and institutional environment supporting the future of medium enterprises and the search for a paradigm shift in economic growth, along with various support projects to strengthen the capabilities of medium enterprises, can be planned and promoted more effectively."