President, business bigwigs meet to promote SMEs' global expansion

Industry

Published: 23 May. 2024, 19:12 Updated: 23 May. 2024, 19:33

President, business bigwigs meet to promote SMEs' global expansion

President Yoon Suk Yeol, center, business executives and government officials applaud a performance given at the 35th conference of small and medium-sized enterprises, held at the front lawn of the presidential office in Yongsan District, central Seoul, on Thursday. From second left are Samsung Electronics Executive Chairman Lee Jae-yong; Minister of SMEs and Startups Oh Young-joo; Korea Federation of Small and Medium Business Chairman Kim Ki-mun, third from right; Minister of Foreign Affairs Cho Tae-yul, second from right; and LG Chairman Koo Kwang-mo, far right. [JOINT PRESS CORPS]

The chiefs of Korea’s largest business groups gathered with President Yoon Suk Yeol to garner support for small- and medium-sized enterprises (SMEs) in their overseas expansion efforts in an annual meeting on Thursday.

President Yoon presided over this year’s conference of SMEs held on the front lawn of the presidential office in central Seoul, joined by Samsung Electronics Chairman Lee Jae-yong, LG Group Chairman Koo Kwang-mo and Hanwha Group Vice Chairman Kim Dong-kwan.

Other prominent attendees included HD Hyundai Vice Chairman and CEO Chung Ki-sun, Posco Chairman Chang In-hwa and Shinsegae Chairman Chung Yong-jin.

The president vowed to come up with specific support measures based on the Support for Small and Medium Enterprise Establishment Act, which was passed in February.

Buldak ramyeon and frozen gimbap were served at the banquet alongside other dishes in acknowledgment of their reputations as major export hits.

Partly helped by the global popularity of the Buldak Ramen series, an instant noodle brand under Samyang Foods, Korea's ramyeon exports hit a record month after month. The figure surged to a new monthly high in April, up 46.8 percent from a year earlier, to $108.6 million, according to the Korea Customs Service's latest data.

Frozen gimbap also made headlines last year as the seaweed rice rolls manufactured by Olgot, a local SME, took off in the U.S. The item recurrently sold out in the retailer Trader Joe's as many influencers’ review videos went viral.

Beginning in 1989, the event brings together government officials and heads of small, medium and large enterprises to review the SMEs’ performances and recollect on the shared goal of economic prosperity for the country, the SMEs Ministry said.

President Yoon sought to elevate the status of the regular event by inviting the heads of top conglomerates starting in 2022.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]