Response to the tariff bomb from Trump, fostering AI startups, revitalizing alley-type stores.
Minister Oh Youngju of the Small and Medium Business Administration emphasized the ministry's core policy direction after meeting with reporters at the 'AI Super Gap Challenge Kickoff Day' event at the Four Seasons Hotel in Seoul on the 26th.
Minister Oh noted regarding the Trump administration's tariff policy, "Approximately 45,000 small and medium-sized enterprises in Korea export products and services to the U.S. and other countries," and added, "The export small and medium-sized enterprises are expected to suffer significant damage due to Trump's tariff policy." Minister Oh continued, "The Small and Medium Business Administration is currently analyzing the impact of Trump's tariff policy on small and medium-sized enterprises and plans to respond accordingly."
Earlier, the Small and Medium Business Administration announced on the 18th that it will operate an 'Inquiry Reporting Center' nationwide and has begun special management for about 50 export items that are likely to be impacted by U.S. tariff policies. It is also providing emergency management stabilization funds to small and medium-sized enterprises facing management crises due to high exchange rates.
Minister Oh stated, "Items such as steel and aluminum, for which President Trump announced a 25% tariff, could face actual damages, along with various items like automobiles, semiconductors, and secondary batteries that are indirectly exported through large companies. We are accumulating data on damaged items and will provide tailored support based on item and business type." The ministry plans to select items by March and begin support based on actual damages.
Minister Oh emphasized the importance of fostering promising AI startups. Minister Oh stated, "We are implementing two main aspects of AI support policies: fostering AI technology startups that can supply AI technologies to the market and supporting small and medium-sized enterprises to use AI through AI diffusion policies." She added, "In the context of escalating AI technology competition between the U.S. and China, we will focus on AI support policies this year."
The Small and Medium Business Administration also revealed new measures to revitalize alley stores beyond the Onnuri gift certificate. Minister Oh remarked, "In addition to increasing sales in alley-type stores through the Onnuri gift certificate, we are considering ways to support the growth of alley-type stores and ultimately activate the commercial district within the ministry." Minister Oh also noted, "We plan to discuss with alley-type stores, local governments, and commercial planners to establish growth policies for alley-type stores."