Helping companies achieve true growth… Discussions on improving support for the biohealth sector
The Ministry of Economy and Finance announced on the 8th that it held a relay meeting at the Osong Advanced Medical Complex in North Chungcheong Province, chaired by First Vice Minister Lee Hyung-il and attended by relevant ministries, relevant organizations, and five small and medium-sized enterprises (SMEs) in the biohealth sector.
The meeting was held to develop bold measures to improve regulations and support systems to foster corporate growth and dynamism.
At the meeting, participating companies shared their experiences of experiencing real-world challenges in their own business growth, proposing improvements to SME support systems, including taxation and R&D, that hinder SMEs from growing into mid-sized enterprises. The meeting was followed by discussions with relevant ministries and organizations.
First, tax support measures for SMEs were discussed.
Participating companies praised the government’s policy efforts, including extending the grace period for SMEs to graduate, establishing a review period for tax support after graduating, and strengthening support for SMEs this year by raising the sales threshold for SMEs under the Special Tax Treatment and Restrictions Act. They requested the government’s continued support for SMEs.
Furthermore, they proposed a support program that would support promising SMEs from R&D to commercialization and the development of global enterprises.
Next, the relevant ministries agreed to expand support for domestic companies with promising biotechnology to advance into the global market, including commercialization of promising technologies, investment linkages, exports, and global cooperation, all of which are closely related to corporate management.
Attendees agreed to revamp the SME support system to focus on growth-driven management activities such as investment, R&D, AI adoption, and export market development.
The government plans to continue holding a series of on-site meetings by industry and region to gather feedback from relevant ministries and the field, and identify areas for institutional improvement to promote corporate growth.
[Editor Lee]
