Middle market enterprise enterprises declared a plan to spearhead private sector-led growth by investing more than 160 trillion won in the next five years.
The Federation of Middle Market Enterprises of Korea (FOMEK) and the Ministry of Trade, Industry and Energy (MOTIE) held a ceremony to mark the eighth anniversary of “Middle Market Enterprise Day” at The Plaza in Jung-gu, Seoul, on Nov. 7.
Middle Market Enterprise Day has been observed to share middle market enterprises’ innovation outcomes and raise middle market enterprise businessmen’s morale since 2014 in accordance with the Special Act on Middle Market Enterprises.
Among about 200 people on hand at the event were President Yoon Suk-yeol, MOTIE Minister Lee Chang-yang, FOMEK Chairman Choi Jin-sik, middle market enterprise prize winners, employees and related support organization officials.
President Yoon became the first president who had participated in a Middle Market Enterprise Day anniversary event.
In his speech, FOMEK Chairman Choi said, “Companies are a driving engine behind economic growth and the supplier of core jobs, and the government’s declaring the private sector-led growth and efforts on dramatic regulatory reform will enhance corporate vigor and create new growth engines.”
Prior to the event, middle market executives announced a multi-pronged innovation declaration, calling for investing more than 160 trillion won in the next five years until 2027 and creating 300,000 jobs each year.
Chairman Choi said, “In order to strongly actualize the private sector-led growth, the Special Act on Middle Market Enterprises, to be expired in 2024, should be changed into a regular law to build a legal foundation to support the continued growth of middle market enterprises.”
The special act sets the definition of middle market enterprises between large- and small-sized companies and the scope of support as well as the provision of tax and financial benefits. It is to be expired in July 2024.
President Yoon Suk-yeol gives a commemorative speech at a ceremony to mark the eighth anniversary of “Middle Market Enterprise Day.”
In his speech, President Yoon said, “Middle market enterprises, playing a pivotal role in the large- and small-sized company ecosystem, are core players in the President Yoon Suk-yeol government’s stage agenda of the private sector-led dynamic economy, supported by the government, and (the government) will ease regulations so that the private sector can invest in a more aggressive fashion and grow freely and work out diverse financial means, such as raising funds.”
“A strong corporate ecosystem will be created so that SMEs can grow into middle market enterprises, which will evolve into global companies by overhauling the related act on middle market enterprises anew,” President Yoon said.
Thirty-four exemplary businessmen were presented with government prizes, including orders.
The coveted Order of Industrial Service Merit, Gold Tower went to Chairman Lee Byung-koo of Nepes in recognition for his contribution to building the Korean system semiconductor industry by leading an advanced semiconductor post-processing sector.
Koo Ja-kwan, a representative employee with Samkoo, was honored with the Order of Industrial Service Merit, Silver Tower while President Park Young-tae of Cevo Mobility was presented with the Industrial Service Medal.
Four, five and 21 people were awarded with the presidential prize, the prime minister’s award and MOTIE minister’s prize, respectively.