President Lee says on first day of Yellow Envelope Law, "Coexistence between large and small firms may be a survival strategy"

According to The Financial News, President Lee Jae-myung of South Korea said on the 10th, the first day the Yellow Envelope Law took effect, that cooperation between large corporations and small and medium-sized enterprises for mutual growth is "not charity but an investment." He added, "If I put it more strongly, it may even be a strategy for survival."
In his opening remarks at the event titled "Dialogue with Business Leaders Practicing Coexistence," held at the main building of Cheong Wa Dae, President Lee stated, "For the Republic of Korea (South Korea) to achieve sustainable growth, we must make a major shift toward growth for all, where opportunities and rewards are shared more evenly." He then reiterated this point.
President Lee noted, "Recently our economy has generally entered a recovery phase, with strong exports, the Korea Composite Stock Price Index (KOSPI) surpassing 5,000, and economic growth returning to the 2% range." However, he pointed out, "For small and medium-sized enterprises, regional areas, the labor sector, and especially vulnerable young people, this may still sound like something happening in a different world." He added, "To overcome K-shaped growth, we must look back and see whether the warmth and fruits of this recovery are being shared broadly."
He went on to say, "In the past, there was a time when concentrating resources and opportunities in specific sectors and banking on so-called trickle-down effects was an effective strategy, and it did in fact work." At the same time, he said, "Now, although that approach once served as a stepping stone for growth and development, the general assessment is that it has become an obstacle."
He further stressed, "We can only transition to a society capable of sustainable growth and development, driven by creativity and innovation, if we build a fair and virtuous economic ecosystem." He added, "Creating an ecosystem of cooperative coexistence is a highly efficient investment, as it means directly nurturing capable partners and building strong teamwork."
President Lee drew particular attention by citing the example of Hanwha Ocean. "I heard that workers at subcontractor firms were paid performance bonuses on the same basis as employees of the main contractor," he said. "I believe this is a very exemplary case for improving the dual wage structure between large corporations and small and medium-sized enterprises."
He then stated, "Our government will provide strong support so that a culture of cooperative coexistence can spread throughout every corner of industry, including platforms, the defense sector, and finance."
west@fnnews.com Reporter Seong Seok-woo Reporter