The South Korean government is vowing full support for private sector growth, as well as research and development support for small and medium-sized enterprises in the fourth industrial revolution sector.
That's according to President Yoon Suk-yeol on Wednesday at a convention held at his office in Yongsan for owners of SMEs.
"The new government will enable a new leap forward based on liberal democracy and a market economy system. We will actively support economic growth led by the private sector based on creativity and innovation."
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The president pledged full compensation for businesses hit by the pandemic as soon as the extra budget proposal gets parliamentary approval.
Some 520 people attended the event, including leaders of Samsung Electronics, SK Group, Hyundai Motors, LG and Lotte, for coexistence between conglomerates and SMEs.
Earlier in the afternoon, Yoon hosted the same 20 representatives of the people who were on the podium with him for his presidential inauguration ceremony.
He presented them with commemorative watches and also had lunch with them.