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Minister Park Young-sun promotes Korean Digitalization Policy of SMEs to the World

International Cooperation Division
- Participated in the SMEs Ministerial Meeting of the Asia-Pacific Economic Cooperation (APEC) (Friday, October 23) -

□ Shared Korea’s digitalization policy of SMEs pursued to overcome the COVID-19 crisis at the APEC SMEs Ministerial Meeting

□ Emphasized the need to cooperate among APEC member states to overcome the COVID-19 crisis
Minister Park Young-sun of the Korean Ministry of SMEs and Startups (MSS) participated in the APEC SMEs Ministerial Meeting (host country: Malaysia) through a video conferencing at 10:00 a.m. (Korean time) on October 23 (Friday) to share Korea’s SME digitalization policy.
The meeting was conducted to share each country’s policy cases of supporting SMEs and SMEs digitalization policy in the post-COVID-19 world pursued to overcome the COVID-19 crisis and discuss the future response direction.
At the meeting, Park introduced the three policy directions and has actively pursued for digitalization of SMEs since the beginning of the year.

(Fostering non-contact venture firms) MSS promotes the launching of startups in the non-contact field and supports their growth to foster the non-contact field that has defended and led the Korean economy with excellent achievements made, such as creating jobs, despite the global economic stagnation. Moreover, the ministry is working to create joint private-public funds for the smart Korea to intensively invest in the non-contact field.
(Building innovative platforms) MSS is working to build ①an artificial intelligence (AI) manufacturing platform to acquire achievements by utilizing AI and manufacturing smart factory SME data; ②an non-contact service platform that supports the digitalization of companies in need of non-contact services, such as video conferences and teleworking, by selectively introducing diverse services in the companies, as well as supports the growth of companies supplying such services; and ③an innovative problem-solving platform for large enterprises and startups, which will allow startups to solve the problems of large enterprises.
(Digitalizing small enterprises) MSS is expanding its measures to support the digitalization and online advancement of traditional markets and smart stores to narrow the digital gap of the markets and small enterprises, which lack digitalization the most. In particular, the ministry is fully pursuing “K-Sale, a nationwide consumption boost event” that supports the advancement of small enterprises into the global market by linking live commerce with K-pop, whose potential has been confirmed during the K-Sale.
At the meeting, SME ministers of APEC member states adopted a joint statement emphasizing the digitalization, innovation, and technological development of SMEs and the need to cooperate among the member states to overcome the economic crisis caused by COVID-19 pandemic.
The statement △emphasizes the importance of digitalization, innovation, and technology for the resilience of SMEs and △includes the potential digital development of SMEs by reinforcing their access to digital tools and the removal of digital trade barriers.
“Given the expansion of protectionism and crisis in global trade because of COVID-19 outbreak, it is indispensable for APEC member states to cooperate and make efforts together. We will actively participate in the APEC discussions for SME digitalization in the future as well,” Park said.