Korea, Japan SMEs Deepen Cooperation

KBIZ Korea Federation of SMEs (Provided by Yonhap News Agency)  The Korea Federation of SMEs held the '2nd Korea-Japan SME Economic Forum' with the National Federation of Small Business Associations of Japan at the KBIZ Hall in Yeouido, Seoul, on Oct. 14. This event was organized as a follow-up measure to the first forum held in Tokyo, Japan, last year, intended to solidify a regular 'shuttle exchange' system between the small and medium enterprise sectors of both countries. The forum was attended by around 60 key officials from both nations, including Kim Ki-mun, Chairman of the Korea Federation of SMEs, Noh Yong-seok, Vice Minister of SMEs and Startups, Hiroshi Mori, Chairman of the National Federation of Small Business Associations of Japan, and Kazuo Chujo, Minister of the Embassy of Japan in Korea, who shared concrete cooperation measures. Stepping up as a presenter, Shim Jae-yoon, Director General for Global Growth Policy at the Ministry of SMEs and Startups, proposed a global growth strategy by suggesting areas for small and medium enterprise cooperation that combine the strengths of both countries. Following this, Hong Jin-heon, Managing Director of LG CNS, garnered attention by introducing a mutually beneficial cooperation model between large enterprises and small and medium enterprises based on cases of AI transformation in smaller businesses. From the Japanese side, Norihiko Saeki, Director at the Small and Medium Enterprise Agency of Japan, explained current issues and response policies faced by local small and medium enterprises, such as price pass-through measures, mergers and acquisitions (M&A), and business succession. In particular, Hiraku Fuse, Vice President of Fuji Filter Korea, emphasized the practical benefits of cooperation by presenting a success case of a joint venture that established itself in the global market by combining Japan's rigorous quality control with Korea's efficient productivity. Exchanges between the small and medium enterprise sectors of both countries are showing a trend of expanding beyond the forum into individual industry-specific associations. Following the first forum last year, subsequent exchanges continued, primarily in the ready-mixed concrete and baking sectors, and a meeting between the Korea-Japan Ready-Mixed Concrete Associations was held in April. Next year, an exchange meeting between auto parts associations is also scheduled, with the scope of cooperation expected to broaden across the overall industry. Kim Ki-mun, Chairman of the Korea Federation of SMEs, emphasized that small and medium enterprises in both Korea and Japan serve as the foundation of their respective economies and industries, stressing the importance of continuous meetings to share on-site concerns and solutions. The Korea Federation of SMEs plans to continuously arrange a platform for exchange moving forward, allowing companies from both countries to utilize technology and networks to create new opportunities.