I am an editorial writer at The Korea Times, focusing on foreign policy, North Korea and domestic politics. My key areas of interest include North Korea, foreign interference in elections, election integrity, cyberattacks and human rights. Prior to joining the Editorial Board, I served as both Politics Desk editor and Culture Desk editor. During my career, I have reported on the Presidential Office under the Lee Myung-bak administration, the Ministry of Foreign Affairs and the National Assembly.
Lee calls for government agency for mid-tier firms
By Kang Hyun-kyung
President Lee Myung-bak Wednesday instructed Cabinet ministers to draw up a set of tailored measures to help mid-tier companies, including the creation of a government body, to support these crucial firms.
Speaking in a meeting with the leaders of mid-tier firms at Cheong Wa Dae, Lee was quoted as saying that there are a few agencies and units supporting small- and medium-sized firms with policy measures and financial resources.
But such supportive measures or government agencies that provide tailored services for mid-tier companies don’t exist, he said.
“If business owners of these companies find themselves in trouble and try to find someone or a government body that can help them, where should they go?,” he asked Hong Seok-woo, minister of knowledge economy, who was also at the meeting.
Hong said the knowledge ministry is overseeing policy measures for these companies and that he is considering establishing a division solely dedicated to forging policy measures for mid-tier companies.
The President urged the knowledge minister to come up with bigger, more tailored support for them.
Lee proposed a government agency that can assist human resources as well as business loans for those companies, adding the ministry will need to review whether his idea would be feasible.
Mid-tier companies are the ones standing somewhere between small- and medium-sized firms and conglomerates. Currently 1,291 mid-tier companies exist in the nation.
These firms account for 0.04 percent of the number of businesses here, but job creation from these companies accounts for 8 percent.
They are the key driver of the nation’s exports. Lee invited 81 business leaders from these companies, as well as Cabinet ministers, to the meeting.
Lee spoke with them before a luncheon. Cabinet ministers, including Hong, briefed them on plans to support mid-tier firms.
Hong said that from 2008 to 2010 nearly 380 small- and medium-sized firms transformed into mid-tier ones, saying the knowledge ministry will draw up a comprehensive plan to help more small- and medium-sized firms become mid-tier companies.