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President Lee Myung-bak is calling on corporate Korea to share the burden with the nation's small and medium-sized businesses.
The president used all eight minutes of his bi-weekly radio address on Monday morning to highlight the tough times faced by smaller companies from liquidity problems to difficulty securing loans.
Pledging support for small but competitive firms, he stressed the need for big and small businesses to weather the global financial crisis together. "Only when conglomerates and small and mid-sized enterprises coexist will the fundamentals of our economy become solid and our big businesses gain a sharper competitive edge,Ħħ he said.
Lee promised to dramatically raise the ceiling on credit guarantees for SMEs.
He said the reason he is bent on making sure these firms do not buckle under the pressure is that they are responsible for 88 percent of employment in the country and because their well-being holds the key to reviving domestic consumption.
And in a luncheon meeting with the head of the ruling Grand National Party, Lee said the worst of the financial crisis in Korea appears to be over, attributing this to last week's currency swap deal with the United States.
Arirang News
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