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Seoul Small and Medium Business Federation Declares Its Role as a Support System for Seoul's Small Businesses at Its Inaugural Ceremony

  • Written Language: Korean
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  • Economy

Created: 2024-05-17

Created: 2024-05-17 11:10

The inauguration ceremony and launch event for the new chairman were held at Seoul City Hall on May 13th at 3 PM, with over 250 guests in attendance.

Yoo Deok-hyeon, a 30-year veteran expert in small and medium-sized enterprise (SME) organizations, was appointed as the inaugural chairman of the Seoul Metropolitan Small and Medium-Sized Enterprise Federation and declared his vision for its future development.

A congratulatory message from Seoul Mayor Oh Se-hoon, a congratulatory video from Seoul Metropolitan Council Speaker Kim Hyun-gi, and congratulatory speeches from various dignitaries including Oh Se-hee, the newly elected member of the 22nd National Assembly, were also part of the event.

The Seoul Metropolitan Small and Medium-Sized Enterprise Federation announced that it held the inauguration ceremony for Chairman Yoo Deok-hyeon and the launch event for the Seoul Metropolitan Branch on May 13th at 3 PM in the main auditorium on the 3rd floor of Seoul City Hall (110, Taepyeongno, Jung-gu, Seoul). Approximately 250 guests attended, including executives from the 25 district chapters in Seoul and various internal and external dignitaries involved in SME policies, administration, and contributions. The event marked the beginning of Chairman Yoo Deok-hyeon's leadership in protecting the survival and rights of small and medium-sized businesses in Seoul.

The Small and Medium-Sized Enterprise Federation was established on April 30th of the same year following the passage of the Basic Act on Small and Medium-Sized Enterprises in 2014. During its growth process, encompassing various industries and regions, the Federation focused on collaborative activities among SMEs in Seoul, mainly through the Seoul Metropolitan Small and Medium-Sized Enterprise Federation council established in 2019. Subsequently, the organization changed its name to the Seoul Metropolitan Small and Medium-Sized Enterprise Federation in 2020 and fostered its growth by establishing local chapters at the basic level and expanding its CMS membership base. In January 2023, it secured a formal foundation for its operations through registration of its unique identification number. Finally, the Federation officially held the inauguration ceremony for Chairman Yoo Deok-hyeon and the launch event for the Seoul Metropolitan Branch at Seoul City Hall, alongside central and metropolitan branch heads.

The Small and Medium-Sized Enterprise Federation currently comprises 70 industries and over 200 local chapters. While activities of metropolitan and basic unit branches, alongside special case local chapters, have been vigorous, the establishment of the Seoul Metropolitan Branch is anticipated to significantly contribute to completing the nationwide network.

The growth of the Seoul SME Federation had been sluggish until recently. Although the Basic Act on Small and Medium-Sized Enterprises and the Special Act on the Protection and Support of Small and Medium-Sized Businesses were revised and have been implemented steadily since 2020, designing the role and activities of SME economic organizations within Seoul presented significant limitations, which is regarded as one of the primary factors contributing to this slow growth.

In March 2024, with Seoul Metropolitan Council Speaker Kim Hyun-gi taking the lead, the 'Seoul Metropolitan Ordinance on the Protection and Support of Small and Medium-Sized Enterprises' was amended to align local government legislation with relevant national laws. This amendment ensured that the Seoul SME Federation could effectively perform the roles and responsibilities assigned to it under the SME Act, including those related to policy organizations designated by the Act (the Small and Medium Business Administration, the Small and Medium Business Promotion Fund, and the Small and Medium Enterprise Federation).

Yoo Deok-hyeon, the inaugural chairman of the Seoul Metropolitan Small and Medium-Sized Enterprise Federation, is a recognized SME organization expert. He successfully established the Gwanak-gu SME Federation after dissolving the Gwanak Shin-sa Traditional Market and Gwanak-gu Small and Medium-Sized Enterprise Association. He plans to leverage his over 30 years of experience and wisdom to contribute to the growth of the Seoul Metropolitan Small and Medium-Sized Enterprise Federation.

Chairman Yoo Deok-hyeon leads one of the most exemplary local chapters in Seoul. He has fostered amicable relationships with public and private sectors and government officials, working diligently to resolve local SME issues and promote regional economic growth. Furthermore, his competence has been validated through various awards, including the Presidential Commendation, the Prime Minister's Commendation, and the Small and Medium Business Awards (Grand Prize in the Comprehensive Category).

In his congratulatory video message, Seoul Metropolitan Council Speaker Kim Hyun-gi stated that the revision of the Seoul Metropolitan Ordinance on the Protection and Support of Small and Medium-Sized Enterprises is not the endpoint but rather a stepping stone to a new phase. He urged the Federation to establish a rational budget and stable organizational operations, addressing the challenges faced by Seoul SMEs and proposing digital transformation solutions and practical remedies for rising operational costs, including labor, materials, and rent, in preparation for 2030. He also assured the Federation that the Seoul Metropolitan Council would actively support its operations and development, promising to work together to overcome challenges.

In his congratulatory message, Seoul Mayor Oh Se-hoon acknowledged the hardships faced by many Seoul SMEs due to the triple challenges of high interest rates, inflation, and exchange rate fluctuations. He emphasized the crucial role of the Seoul Metropolitan Small and Medium-Sized Enterprise Federation in this context. He expressed his hope that the Federation would effectively represent Seoul SMEs, revitalizing the sector and enabling the success of tailored SME support programs like the 'SME Partnership Project for Crisis Management'. He concluded by extending his congratulations on the inauguration of Chairman Yoo Deok-hyeon.

Moving forward, the Seoul Metropolitan Small and Medium-Sized Enterprise Federation has set a goal for 2024 to complete its network of one central chapter and 25 district SME federations. The Federation intends to standardize individual district support ordinances. Moreover, it aims to establish the authority of the SME economic organization befitting the Seoul brand and dedicate its efforts to overcoming the challenges faced by a greater number of Seoul SMEs, thereby contributing to the revitalization of the local economy.

Introduction to the Seoul Metropolitan Small and Medium-Sized Enterprise Federation

The Seoul Metropolitan Small and Medium-Sized Enterprise Federation is a legally mandated SME economic organization established in accordance with the Act on the Protection and Support of Small and Medium-Sized Enterprises. It serves as the leading representative body for Seoul SMEs. By collaborating with 25 local chapters across Seoul, the Federation safeguards the rights and interests of Seoul SMEs and promotes their sales growth and collaborative activities, ultimately assisting them in becoming key players in the Seoul region's livelihood economy.

Appointment of Chairman Yoo Deok-hyeon and Launch Event of the Seoul Metropolitan Small and Medium-Sized Enterprise Federation: https://youtu.be/-T_0BP4vV8Y?si=gmDhx36dPMMwZQ6g

Website: http://seoul.kfme.or.kr

Contact
Seoul Metropolitan Small and Medium-Sized Enterprise Federation
Seoul SME Community Support Center
Choi Jin-young, Head of Business Division
02-832-7071

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