SEOUL: South Korean President Yoon Suk-yeol said on Wednesday that his government will support Small and Medium Industries (SMEs) with bold infrastructure investments that will boost their competitiveness and innovation.
During his remarks at a SMEs event organised by the Korea Federation of SMEs at the presidential complex in Seoul, Yoon also pledged to make efforts to build "fair" market environments for the coexistence of major enterprises and SMEs.
"The government will assist SMEs with bold infrastructure investment in a bid to prevent them from hesitating to develop owing to high expenses," he said at an event commemorating the organization's 60th anniversary. "We will assist small businesses in using the fourth industrial revolution as a source of new growth," he continued.
Yoon also stated that the government will increase its investment in SMEs' research and development (R&D) and provide greater tax breaks for their R&D spending. Heads of the country's top five corporations were the first to arrive. Lee Jae-yong, the de-facto Chairman of Samsung Group, and SK Group Chairman Chey Tae-won were among them.
In a show of their commitment to promoting fair competition and coexistence, the five Chairmen and Chiefs of SMEs-related groups took part in a handprint ceremony.