The Korea Federation of Small and Medium Enterprises said on the 18th that it discussed industry and trade issues facing small and mid-size businesses with Minister Kim Jung-kwan of the Ministry of Trade and Industry (MOTI) at its headquarters in Yeouido, Seoul.
Attending the meeting were Korea Federation of Small and Medium Enterprises Vice Chairs Han Byung-jun, Park Pyeong-jae, Jeong Han-sung, and Shin Yong-moon, and Lee Taek-seong, chair of the Korea Automobile Industry Cooperative Association.
Participants cited the rise of Chinese technology and the flood of low-priced products, along with higher labor and raw material costs, as risk factors, and asked for stronger support for root industries and the creation of a win-win ecosystem between large and small firms to maintain Korea's manufacturing base.
Kim Ki-moon, head of the Korea Federation of Small and Medium Enterprises, said, "The competitiveness of South Korea's industry is not the product of large companies alone; it comes from an ecosystem of cooperation between large and small firms that work nimbly across all areas of materials, parts, and equipment," and added, "Let us work together with the Ministry of Trade and Industry (MOTI) to resolve not only manufacturing AX (AI transition), which Minister Kim Jung-kwan emphasizes as the top priority of industrial policy, but also unresolved tasks such as high tariffs on steel and aluminum derivatives."
Minister Kim Jung-kwan said, "Our economy is in a phase of accelerated industrial restructuring, including advanced technological innovation led by AI, business reorganization in industries with excess supply, and supply chain reconfiguration due to U.S. tariff measures," and added, "We will do our best to strengthen export capacity so that small and mid-size businesses can overcome difficulties and grow into mid-sized and large companies, and to bolster global competitiveness."