South Korea’s industry minister on Thursday announced a new basic plan to promote the growth of mid-sized companies, saying the government must do more to support firms as they expand.
Trade, Industry and Energy Minister Kim Jung-kwan met business leaders and heard their concerns before unveiling the third such plan, according to a post on X.
“Companies that grow should be given more encouragement, but that has not been the case,” Kim wrote, noting a growing number of firms are reverting to small-business status. Executives at the event said burdens increase and support shrinks or ends once a company becomes mid-sized.
The plan focuses on restoring the “growth ladder,” Kim said. The government will ease the “support cliff” and improve size-based regulations, and will foster regional mid-sized firms and promote their adoption of AI in manufacturing under the M.AX initiative.
“Irreplaceable competitiveness is needed to overcome the waves of trade,” Kim said.
Ten companies were newly designated as “World Class Plus” firms at the event. Kim said the government will also look for ways to raise the brand value of the program, which supports technology development and overseas expansion.
