Let’s spread the positive energy
Sincere efforts don’t betray, and the saying holds true in the world of business. Last year was a rough one for small and medium-size businesses due to the global economic slump, surplus supplies and low oil prices. These businesses are in despair as many close down, and the small and medium-size business policy makers have to review their decisions. In the corporate world, the flow of information has become very fast, and the decision-making process has to be just as swift. Rather than stubbornly making new challenges, some think that giving up quickly is a virtue.
But it is not desirable to be overwhelmed by quantitative numbers and be pessimistic that small and medium-size companies are limited. When the growth of key industries is slowing down and future industries haven’t secured competitive dominance, it is important for small and medium-size enterprises to sprout.
The size of trade insurance issuance is a yardstick for exports, and last year, assistance offered to medium-size companies was 41.7 trillion won ($34.5 billion), an 8.4 percent increase from the previous year. While assistance for small and medium-size businesses was a policy project not generally considered lucrative, the scope of assistance has increased, and the Korea Trade Insurance Corporation’s operating balance has improved considerably. Last year was a gratifying time to confirm the potential of small and medium-size businesses, and both public interests and profitability can be pursued through policy financing.
We need to pay attention to the fact that the power of the United States comes from the pursuit of new ideas through start-ups and innovative companies. China is no exception. It is no longer the country that swept up the market with inexpensive manufactured goods using relatively low costs. Entrepreneurs are working vehemently in the IT, software, medicine and chemical industries. Rather than being pessimistic, let’s spread the positive energy that our hope lies in small and medium-size enterprises. Hopefully, they will play the game in their own ways and be triumphant.
by Kim Young-hak, CEO of the Korea Trade Insurance Corporation