FOMEK discusses ‘alternate revitalization’ with Japanese ambassador

By Kim Hyun-bin

Chief Coordinator & Representative of the Federation of Middle Market Enterprises of Korea (FOMEK) Choi Jin-shik met with the Japanese Ambassador to Korea Koichi Mizushima on Tuesday to debate initiatives geared toward revitalizing financial exchanges between small and medium-sized enterprises (SMEs) in each nations.

“Strategic cooperation that combines the technological prowess and expertise of Korean and Japanese SMEs will be the starting point for both countries to effectively respond to the rapidly changing market environment, such as the reorganization of the global supply chain,” Choi mentioned.

“As we mark the 60th anniversary of the normalization of diplomatic relations between Korea and Japan next year, we will do our utmost to establish a differentiated and practical cooperation system led by SMEs from both countries.”

According to FOMEK, the dinner assembly passed off on the Japanese ambassador’s residence and was attended by a number of distinguished enterprise leaders.

During the discussions, the SME representatives highlighted the worldwide technological competitiveness of Korean SMEs throughout varied sectors, together with conventional manufacturing, components and supplies, semiconductors and knowledge and communication know-how.

They emphasised the significance of fostering bilateral exchanges to help the mutual financial improvement of Korea and Japan.

One SME consultant identified the challenges overseas firms face in Japan.

“Even when establishing a sales corporation in Japan to supply products under favorable conditions, it is challenging to penetrate the solid existing business networks of Japanese companies,” they mentioned. “We face difficulties meeting bidding conditions as a foreign company, but we hope the Japanese government and local authorities will expand project participation opportunities to facilitate smoother local entry and collaboration.”