The Ministry of SMEs and Startups (MSS, Minister OH Youngju) held an inauguration ceremony for participating companies in the regional specialized project 'Legend 50+' in Ulsan on Thursday, May 30.
Legend 50+ is a new regional business growth model ambitiously initiated by MSS starting in 2024. It involves selecting 21 projects based on each local government's strategies for their specialized industries. These projects aim to resolve regional issues during the transition to new technologies and nurture anchor companies within the region. These projects will be jointly supported by local and central governments for three years, with approximately KRW 1.1 trillion allocated for this purpose.
Over 1,350 small and medium-sized enterprises (SMEs) have been selected to participate in the project. The MSS has finalized matching beneficiary companies for MSS-supported projects, aiming to give a boost to the local economy. An inauguration ceremony was held to announce the full-scale implementation of Legend 50+.
The inauguration ceremony had the theme "Legend 50+ will open up the innovation and the future of the region." It was attended by Minister OH Youngju of SMEs and Startups, Chairman WOO Dong-gi of the Presidential Committee for Decentralization and Balanced Development, Mayor KIM Doo-gyeom of Ulsan, as well as heads of 17 regional governments, related agencies' heads, and representatives of participating companies, totaling over 200 attendees.
The inauguration ceremony included an opening ceremony, a presentation on the Ulsan case of Legend 50+, the awarding of certificates to participating companies, a supporters' agreement ceremony, and a performance of releasing sky lanterns with wishes symbolizing the success of the project and the growth of participating companies.
Minister OH, in her opening remarks, emphasized, "South Korean SMEs are currently stuck within a rangebound in terms of competitiveness and innovativeness. The productivity gap between SMEs and large corporations has widened, indicating that SME growth is at a critical turning point." She further declared, "To prepare SMEs for the future and give them a fresh start, we unveiled new strategies on April 29. These include five major strategies and seventeen action plans.
Additionally, she stated, "Legend 50+ serves as a key policy tool for fostering local SMEs under the new strategies for SMEs, and through its full implementation, we will support to boost the local economies and the sustained growth of participating companies."
At the ceremony to award certificates to participating companies of Legend 50+, recipients such as KIM In-hye, the CEO of MAISON DE INES, and PARK Dong-chan, the CEO of AUTOREX, expressed their expectations that Legend 50+ would provide a significant opportunity for SMEs to grow sustainably and steadily, and act as a catalyst for propelling them forward. They also pledged to become companies that contribute to the local community, expressing their aspirations to do so as they received their certificates.
In addition, the relevant agencies participating in the project have signed a supporters' agreement to provide significant support for the growth of the companies involved. This agreement aims to formalize inter-agency coordination and improve collaboration to support the companies. This will be achieved through the regular operation of a consultative body and the identification of support projects for linkage.
MSS, establishing Legend 50+ as the flagship brand of its regional SME nurturing policy, will collaborate with 17 local governments, regional SMEs and startup offices, and regional agencies as one team to achieve the initiative's objectives. Moreover, MSS plans to actively review and proceed with expanding Legend 50+ through Legend 50+ 2.0 in 2025, considering on-site feedback to enhance the support content, scale, and scope substantively.
Minister Oh Youngju visited the Ulsan Regional SMEs and Startups Office to receive an update on their work progress and emphasized the importance of close communication. She also visited Joil Co., Ltd., an automotive parts manufacturing company in Buk-gu, Ulsan. During her visit, she assessed the status of local SME human resources in the transition to zero-emissions vehicles and interacted with employees at the production site. Additionally, she expressed her commitment to strengthening policy tools, such as Legend 50+, to further expedite the transition of local SMEs to zero-emissions vehicles.
Global Media Relations: Rachel Minjo CHUN
+82-(0)44-204-7104 / rachelmchun@korea.kr