The Korea Federation of Small and Medium Enterprises announced on the 7th that it signed a business agreement with The Federation of Korean Industries for 'a livelihood improvement initiative by large and small enterprises together' at the Korea Federation of Small and Medium Enterprises in Yeouido.
The signing ceremony, held at 9:30 a.m. that day, was attended by Kim Ki-moon, president of the Korea Federation of Small and Medium Enterprises, and Ryu Jin, president of The Federation of Korean Industries, along with more than 10 officials from the two organizations.
KBIZ and FKI have agreed to jointly develop cooperation projects to support small businesses and stimulate domestic demand, including promoting a campaign to spread vacationing domestically and encouraging participation, as well as revitalizing local economies using local currency and Onnuri gift certificates.
Additionally, the Korea Federation of Small and Medium Enterprises will jointly promote events targeting yellow umbrella subscribers and small business owners as part of the social safety net.
New subscribers to the yellow umbrella will receive 50,000 won in small business love gift certificates, and an event worth a total of 8.3 billion won will be held, which includes discounts of up to 50% at 10 resorts for 20,000 yellow umbrella subscribers. The plan is to revitalize domestic vacations and thereby expand local consumption.
Kim Ki-moon, president of KBIZ, said, 'The government has prepared more than 30 trillion won in supplementary budgets for the recovery of the livelihood economy, but private sector efforts are also important,' adding, 'This agreement marks a meaningful first step for large and small corporations to work together to stimulate domestic demand and energize the livelihood economy.'
Ryu Jin, president of FKI, noted, 'As domestic demand continues to struggle, the regional economy is facing a crisis of collapse,' and added, 'At a time when the president emphasized livelihood improvement in his inaugural address, the partnership between FKI, representing corporations, and KBIZ is a significant development.'