Chairman Choi Jinsik: "China Shock and AI Revolution Must Be Recognized and Addressed Rigorously"

Held the 6th Policy Forum on Innovation and Growth for Mid-Sized Enterprises

Opinions have emerged from the mid-sized enterprise community that proactive efforts to improve the legal, institutional and policy environment, including in areas such as labor and the environment, are needed to effectively respond to the “China shock” led by artificial intelligence (AI) and strengthen Korean companies’ leading global competitiveness.

The Korea Federation of Mid-Sized Enterprises said it held the “6th Policy Forum on Innovation and Growth for Mid-Sized Enterprises” on November 5 at the National Assembly Members’ Office Building, jointly with the office of the chair of the National Assembly’s Trade, Industry, Energy, SMEs and Startups Committee and the Korean Society for Mid-Sized Enterprises.

Korea Federation of Middle Market Enterprises Chairman Choi Jinsik delivers welcoming remarks. Korea Federation of Middle Market Enterprises

At the event, Choi Jinsik, chairman of KFME, said, “Only by looking squarely at the current state of our industrial competitiveness, which China has already surpassed in many fields, can we seek the right direction for a Korean-style AI revolution and industrial development strategy as a foundation for a new leap forward.” He added, “To halt further erosion of industrial competitiveness and take the lead in distinctive future industries, we must urgently and thoroughly review the achievements and limitations of all laws, institutions and policies rooted in perceptions from the ‘smokestack’ and ICT eras.”

Emphasizing the role of mid-sized enterprises as the “foundation” spanning every industry, from traditional manufacturing to advanced fields, Choi said, “In particular, revising the Mid-Sized Enterprises Act could strengthen effective support across various areas, including supply chain stabilization, AI transformation (AX), finance, human resources, the environment and facilities, thereby reestablishing the legal basis not for individual groups of companies, but for restoring and sustaining the smooth functioning of the growth ladder.”

Kim Seong-won, chair of the National Assembly’s Trade, Industry, Energy, SMEs and Startups Committee, also said, “Institutional obstacles in the growth process must be removed to ensure that mid-sized enterprises’ technology development and investment lead smoothly to commercialization and market expansion.” He added, “In particular, it is important to strengthen competitiveness across AI- and data-based industries, alongside improving laws and institutions to create a growth-friendly industrial ecosystem.”

The forum featured expert presentations on “Revising the Mid-Sized Enterprises Act in an Era of Major Industrial Transformation” and “AI- and Data-Based Innovation Strategies for Mid-Sized Enterprises,” followed by a panel discussion.

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