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Yoon vows bold infrastructure investment for SMEs' innovative growth

President Yoon Suk-yeol (Yonhap)
President Yoon Suk-yeol (Yonhap)

President Yoon Suk-yeol said Wednesday the government will support small and medium enterprises (SMEs) with bold infrastructure investment that will enhance their competitiveness and innovation.

Yoon also vowed to make efforts to create "fair" market environments for the co-existence of large firms and SMEs, during his speech at an SMEs event organized by the Korea Federation of SMEs at the presidential complex in Seoul.

"The government will help SMEs with bold infrastructure investment in a bid to prevent them from hesitating to innovate due to heavy costs," Yoon said during the event marking the 60th anniversary of the establishment of the organization.

"We will help small firms utilize the fourth industrial revolution as an opportunity for new growth," he added.

Yoon said the government will also expand its investment on research and development (R&D) for SMEs, and provide more tax incentives for their spending on R&D.

The event was the first attended by heads of the country's top five conglomerates. Among them were including Lee Jae-yong, de facto chief of Samsung Group, and SK Group Chairman Chey Tae-won.

The five chairmen and chiefs of SMEs-related groups participated in a handprint ceremony in an expression of their commitment to promoting fair competition and co-existence.(Yonhap)