The ongoing trade crisis is exacerbated by the implementation of tariffs on steel and aluminum by the Trump administration's second term, and to enhance the export vitality of small and medium-sized enterprises, a cooperative system between the government and the private sector must be rapidly activated.
Choi Jin-sik, chairman of the Korea Federation of Small and Medium Enterprises, noted this at the 189th CEO luncheon featuring Jeong In-kyo, head of the Trade Negotiation Headquarters, held on the 19th.
Choi emphasized that we must face the crisis caused by the Trump administration's tough policy stance, in addition to ongoing supply chain instability and the spread of protectionism, and that we must accelerate the search for effective solutions.
Choi provided an overall assessment of the current situation and offered suggestions on future policy direction. He said, "It is appropriate as an urgent measure for the government to increase the research and development (R&D) budget for small and medium-sized enterprises by 53% compared to the previous year and to promote the expansion of new support projects."
He emphasized that more forward-looking measures should be taken, such as boldly easing regulations across various sectors, including labor and the environment, and significantly expanding support for capacity enhancement.
In response, Jeong In-kyo, head of the Ministry of Trade, Industry and Energy's Trade Negotiation Headquarters, acknowledged the need for public-private cooperation and promised to establish effective support measures.
Jeong stated, "To effectively respond to rapid changes in the trade environment, the public and private sectors must build a cooperative system as 'one team, one voice' and will do their utmost to devise effective support measures, including the 'Third Basic Plan for Promoting Growth of Small and Medium-sized Enterprises.'"