The small and medium-sized enterprise sector will express a welcome on Dec. 31 for the "Act on the Promotion of Small and Medium-sized Enterprise Exports and Overseas Expansion," for which lawmaker Kim Dong-a of the Democratic Party of Korea is the lead sponsor.
The Korea Federation of Small and Medium Enterprises said in a commentary the same day that "it is meaningful in that it integrates the laws and policies related to exports and overseas expansion that have been promoted in a dispersed manner and establishes a systematic legal foundation." It added, "Through this, we expect to reduce inefficiencies in budget and administrative resources and further enhance the consistency and effectiveness of support policies."
Lawmaker Kim Dong-a the previous day introduced as lead sponsor a bill to strengthen the global competitiveness of small and medium-sized enterprises and systematically support the opening of overseas sales channels.
The Korea Federation of Small and Medium Enterprises also said, "This law should support the overseas expansion of small and medium-sized enterprises with capabilities, while ensuring that expanded overseas investment can lead to domestic value creation," and added, "We hope this will lay the foundation for a balanced support system so that small and medium-sized enterprises remaining in the country are not marginalized in the process of global supply chain reorganization."
The Korea Federation of Small and Medium Enterprises said, "Even amid a difficult trade environment, such as strengthened U.S. tariff policies and China's low-price offensive, the fact that small and medium-sized enterprise exports are expected to reach an all-time high this year is the result of policy support combined with the efforts of corporations," and added, "The small and medium-sized enterprise sector will continue to work closely with the government and the National Assembly to turn trade crises into opportunities for a new leap forward."