Yoon vows to help small businesses expand into global markets
President Yoon Suk Yeol applauds with participants of a meeting with businesspeople from small- and medium-sized enterprises at the presidential office in Yongsan District, Seoul, Thursday. From left are H&S HighTech CEO Kim Jung-hee, Samsung Electronics Executive Chairman Lee Jae-yong, Minister of SMEs and Startups Oh Young-ju, Colosseum Corporation CEO Park Jin-soo, Yoon, Melixir CEO Lee Ha-na, Korea Federation of SMEs Kim Ki-mun, Minister of Foreign Affairs Cho Tae-yul and LG Group Chairman Koo Kwang-mo. Yonhap
President Yoon Suk Yeol pledged unwavering commitment to aiding and bolstering small- and medium-sized enterprises (SMEs) and startups as they venture into markets overseas, during an event organized to encourage businesspeople.
“The prosperity of SMEs is essential for generating more quality jobs and enhancing public welfare,” Yoon said during the event, attended by over 500 business leaders, entrepreneurs, and representatives from 12 countries.
“The government will step up efforts to revamp regulations and create a more business-friendly environment. I will double diplomatic efforts to ensure the global market can be your playing field and the 8 billion global citizens can be your customers,” he said.
Yoon has been holding the event for three consecutive years to celebrate the country’s SME week, which is stipulated in the Framework Act on SMEs.
This year’s event was held under the theme of globalization of SMEs, to assist their bids to enter markets overseas. Samsung Electronics Executive Chairman Lee Jae-yong, LG Group Chairman Koo Kwang-mo, POSCO Group Chairman Chang In-hwa and other conglomerate heads attended the event and spoke with SME leaders.
Yoon recalled that assisting Korean companies’ businesses in foreign markets was among the most rewarding aspects of his overseas visits. He highlighted a particularly memorable moment when a Korean SME which manufactures gun parts secured a $1 billion contract with a state-run company in the United Arab Emirates.
"When I travel abroad, I can sense the high level of interest in our SMEs' ideas and technology," Yoon said. "However, many companies, despite having excellent products, struggle to find export channels or need significant help to enter global markets. The government and I will spare no efforts in supporting SMEs and startups."
The presidential office said Yoon has diligently worked to support Korean SMEs' business endeavors during his official state visits. The government has also been actively providing administrative assistance in this regard.
In August last year, Yoon revealed the government’s support plan to let Korean companies receive government support when establishing offices abroad or converting into overseas entities. This initiative was subsequently incorporated into law through a revision in February.
To ensure alignment between government efforts and overseas markets, the presidential office extended invitations to ambassadors from 12 countries, including Saudi Arabia, the UAE, the Netherlands, and Vietnam to the event, in order to provide chances for business leaders to build networks with envoys of markets they are targeting.