The Ministry of SMEs and Startups (Minister Oh Young-joo) announced on Monday the 16th that it held a meeting of the 'TF for Response to Damage to SMEs Related to the Middle East Conflict' to review the status of damage to SMEs and discuss future response measures due to the rapid change in the Middle East situation caused by the recent conflict between Israel and Iran.
This TF meeting was held jointly with major SME support organizations such as the Korea SMEs and Startups Agency, the Korea Institute for Startups & Entrepreneurship Development, the Korea Federation of SMEs, and the Korea Institute for SMEs, in consideration of various concerns such as disruptions in export and import transactions and logistics delays of SMEs. It reviewed potential damage factors for SMEs and discussed response measures for each dispute scenario.
In addition, the Ministry of SMEs and Startups requested that each organization participating in the TF meeting maintain a close information sharing and collaboration system to minimize damage to SMEs, and actively respond to ensure that prompt support can be provided in the event of damage to SMEs.
Since the armed conflict between Israel and Hamas in October 23, the Ministry of SMEs and Startups has been receiving damage cases by setting up a damage reception center in the export support center of the regional SMEs and Startups Administration. As of now, the impact of this incident has been found to be limited.
The Ministry of SMEs and Startups plans to continue to monitor the ongoing damage caused by the sharp rise in oil prices to small and medium-sized enterprises, such as management difficulties and disruptions in maritime logistics, and to review necessary support measures to minimize the impact on exports. It also plans to closely cooperate with related ministries, such as the Ministry of Foreign Affairs and the Ministry of Trade, Industry and Energy.
Lee Soon-bae, Director General for Global Growth Policy, said, “The recent conflict between Israel and Iran is increasing uncertainty in the Middle East, so it is important to quickly assess the damage and establish a support system to prepare for the worsening management of exporting SMEs.” He added, “We will keep in mind various possibilities, such as escalation and prolongation of the conflict, and continue to monitor the damage to SMEs through the export support centers located in SME sites, and review support measures with relevant ministries if necessary.”
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