Korea, Japan SMEs Deepen Cooperation

The Korea Federation of SMEs and the National Federation of Small Business Associations of Japan co-hosted the 2nd Korea-Japan SME Economic Forum on October 14 in Seoul. The forum aimed to bolster a regular shuttle exchange system between the SME sectors of the two nations. Notable attendees included Kim Ki-mun, Chairman of the Korea Federation of SMEs, and Hiroshi Mori, Chairman of the Japanese Federation.

Key speakers such as Shim Jae-yoon, Director General for Global Growth Policy at the Ministry of SMEs and Startups, proposed a global growth strategy combining both countries' strengths. LG CNS's Hong Jin-heon showcased a cooperative model involving large enterprises and small to medium enterprises, focusing on AI transformation in smaller businesses.

Japanese officials discussed local SME issues, including price pass-through measures, M&A, and business succession. Hiraku Fuse, Vice President of Fuji Filter Korea, highlighted the success of a joint venture that merged Japan's quality control with Korea's productivity. Over time, exchanges between SMEs from both countries are expected to extend beyond the forum into industry-specific associations.

Following the first forum, exchanges in the ready-mixed concrete and baking sectors began, with plans to include auto parts associations in future meetings. Kim Ki-mun emphasized the critical role SMEs play in the economies of both nations, stressing the need for continuous dialogue to address on-site concerns and devise solutions.

The Korea Federation of SMEs intends to maintain a platform for ongoing exchanges, enabling companies from both nations to leverage technology and networks for new opportunities.