InnoBiz Association: "Expecting Ministerial Nominee Lee Soyoung to Restore Growth Ladder for Technology-Driven SMEs"

"A New Catalyst for Revitalizing the Manufacturing and Technology Innovation Ecosystem"

The InnoBiz Association (Korea Federation of Innovative Small and Medium Business) welcomed the nomination of Lee Soyoung, a member of the Democratic Party of Korea, as the candidate for Minister of SMEs and Startups.

On the 30th, the InnoBiz Association released a statement, saying, "The appointment of Lee, who has played an active role in the National Assembly's Committee on Industry, Trade, Energy, SMEs and Startups, will serve as an opportunity to revitalize the manufacturing and technology innovation ecosystem."

Inno-Biz Association logo. Inno-Biz Association

The association further described Lee as "a policy expert who has deeply considered sustainable industrial transition and has taken the lead in addressing on-site obstacles such as expanding artificial intelligence (AI) infrastructure and improving regulations for new industries." The association continued, "We hope that during this period of global technological hegemony competition and supply chain restructuring, she will lend a sympathetic ear to the voices of technology-driven small and medium enterprises on the ground."

In particular, the association emphasized, "It is critical to restore the growth ladder spanning startups, ventures, innovative SMEs, and mid-sized companies, and to further advance an R&D ecosystem centered on innovative enterprises." The association added, "We look forward to the establishment of a scaling-up track that allows innovative companies to step up from SME to mid-sized enterprise status, moving beyond mere subsidy-based support."

Additionally, the association requested efforts to provide tailored infrastructure support and regulatory improvements, so that traditional manufacturing sites can boost productivity and create new added value by integrating AI and data. The association also called for strengthening ESG management capabilities for technology-driven SMEs and expanding support for their overseas expansion.

Finally, the association stated, "We hope that the new ministerial candidate will become a reliable pillar for technology-driven SMEs," and added, "The association, as a true partner in establishing Korea's technological sovereignty and driving economic progress, will always stand together."

This content was produced with the assistance of AI translation services.