FOMEK recruits 169 mid-sized companies for K-brand industry initiatives

  • FOMEK sought participation from 169 leading mid-sized companies across various sectors.
  • Mid-sized companies reached 6,474, while combined revenue climbed to 1,030.5 trillion won.
  • FOMEK registered 228 policy and business-environment proposals during the first half.

The Federation of Middle Market Enterprises of Korea (FOMEK) is stepping up efforts to recruit 169 leading mid-sized companies across various sectors, including businesses driving K-beauty, K-food and K-content. Chairman Choi Jin-shik sent handwritten letters to the companies' heads on the 14th, asking them to contribute to the sector's growth. FOMEK said the initiative aims to strengthen its membership base and explore ways to diversify growth strategies for mid-sized companies. Choi said self-reliance and solidarity were needed amid intensifying global competition and international uncertainty, and called for South Korea to reinforce its global soft power through advanced technology, K-brands and K-culture. FOMEK said the number of mid-sized companies increased from 2,979 to 6,474 over roughly the past decade, while combined revenue rose from 483.6 trillion won to 1,030.5 trillion won and employment grew from 898,000 to 1.757 million. The federation attributed the progress to business leaders who helped enact and implement the Special Act on Mid-Sized Enterprises in 2014. FOMEK is also using its Member Company Visit Project to gather policy and business-environment proposals, including 228 ideas registered during the first half of the year.

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