Thursday, June 27, 2019
President Moon Calls on Large Enterprises to Expand Shared Growth with SMEs
Business Leaders Call for Deregulation
President Moon Calls on Large Enterprises to Expand Shared Growth with SMEs
  • By Jung Suk-yee
  • January 16, 2019, 12:13
Share articles

President Moon Jae-in talks with the heads of Korea’s top 10 business groups during “Conversation with Business Leaders” held at the Guest House of Cheong Wa Dae on Jan. 15.

President Moon Jae-in has urged heads of large and mid-sized companies to do more for win-win cooperation with small and medium-sized enterprises (SMEs).

"In order to secure global competitiveness, not only large companies but their partner companies must develop the whole business ecosystem together," President Moon said in “Conversation with Business Leaders” held at the Guest House of Cheong Wa Dae on Jan. 15.

"Big companies’ efforts for mutual growth with small companies such as early payment of profits from development and technological and human resources support will provide a good opportunity for the general public and SMEs to have trust in big companies.” Moon said.

As examples of large companies’ efforts to share good business results with SMEs, Moon cited the “win-win payment system,” which allows SMEs to cash in their accounts receivables at a fee applied to large companies. The total amount of payments made through this system has exceeded 100 trillion won. Moon also cited large corporations’ move to nurture in-house venture companies and support for SMEs to turn their plants into smart factories.

"I ask you to actively pursue win-win cooperation not for the sake of assisting SMEs but for your own survival," Moon emphasized. The president appears to be focusing on win-win growth and sharing profits between large and small companies. In his New Year's news conference on Jan. 10, Moon noted, "The fruits of economic growth are concentrated on large corporations.”

Meanwhile, the invited corporate leaders demanded in unison that the government push deregulation more aggressively. They also called for government efforts to create an environment for expanding investment.