The Federation of Middle Market Enterprises of Korea (FOMEK) is stepping up efforts to recruit mid-sized companies driving K-brands such as K-beauty, K-food and K-content.
The federation said on the 16th that Chairman Choi Jin-sik sent handwritten letters on the 14th to the heads of 169 leading mid-sized companies across various sectors, asking them to contribute to the growth of the sector. The move is aimed at strengthening the federation's membership base and exploring ways to diversify growth strategies for mid-sized firms.
"In an era of unlimited competition and amid a chaotic international landscape, the answer lies in self-reliance and solidarity," Choi wrote. "We must renew South Korea as a center of global soft power, driven by top-tier technology along with K-beauty, K-food, K-content and K-culture."
According to the federation, the number of mid-sized companies in South Korea has grown to 6,474 from 2,979 over the past decade or so, while their combined revenue rose to 1,030.5 trillion won (about $750 billion) from 483.6 trillion won (about $350 billion). Employment also expanded to 1.757 million from 898,000. Choi attributed these gains to the dedication of business leaders who joined forces to enact and implement the Special Act on Mid-Sized Enterprises in 2014.
"When more mid-sized companies speak with the voice of mid-sized companies, we will create a reasonable business environment that spurs the growth of smaller firms and supports their leap into global specialized companies," Choi said. "Please share the deep experience forged in the field to help build the foundation for a great economic leap that will sustain the lives of today's and future generations."
