0
President Lee Jae-myung listens to industry leaders during the “K-Manufacturing Industry Roundtable” at Saesol Diamond Industry in Ansan, Gyeonggi Province, on Sept. 3. / Source: Yonhap News

President Lee Jae-myung on Wednesday underscored that “corporate growth is national development” and pledged stronger support for competitive small and mid-sized manufacturers.

“Manufacturing is vital to people’s livelihoods, especially in terms of jobs,” Lee said at a roundtable with industry leaders at Saesol Diamond Industry in Ansan, Gyeonggi Province. “The government will do its best to ensure capable manufacturing firms can continue to grow and advance.”

Saesol Diamond, which produces wafer-polishing components for semiconductors and holds the No. 1 global market share, hosted the event. Ten CEOs of innovative small firms leading in semiconductors and batteries also joined the “K-Manufacturing Industry Roundtable.”

Lee emphasized that Korea’s biggest challenge is to restore growth. “We must regain momentum, create opportunities through sustained growth, and enable people to build better lives,” he said.

According to presidential spokesperson Kang Yoo-jung, business leaders voiced concern over the rapid rise of Chinese manufacturers and urged more government support for AI-driven innovation requiring large-scale investment.

In response, Lee instructed Deputy Prime Minister and Finance Minister Koo Yoon-cheol and Industry Minister Kim Jung-gwan to review measures such as creating new state-backed funds. He also urged ministers to make the most of next year’s record 35 trillion won R&D budget.

He supported proposals for more testbeds and joint projects to reduce risk for smaller firms. “This is extremely important,” Lee said, directing the industry minister to follow up closely.

Lee added that appointing cabinet members with different backgrounds — such as labor leaders and former corporate executives — was intended to ensure diverse voices are reflected in national policy.

He also assured company leaders from outside the capital region of his commitment to balanced growth. “Doing business in the provinces may not be advantageous, but I will make sure it is not unfair,” he said.