Seoul: President Lee Jae Myung on Tuesday emphasized the need for big companies to work together with small and medium-sized enterprises (SMEs) to foster sustainable economic growth. Speaking at a meeting attended by senior officials from major conglomerates like Samsung Electronics, Hyundai Motor, and SK Group, alongside representatives from SMEs, Lee discussed strategies to promote a co-prosperity business model.

According to Yonhap News Agency, Lee highlighted the limitations of relying on a "trickle-down" economic model, where opportunities and resources are concentrated in specific sectors with the expectation that benefits will eventually spread across the broader economy. While this approach contributed to economic growth in the past, Lee argued that it now poses a barrier to equitable development.

Lee addressed the issue of a "K-shaped recovery," where large corporations are reaping the benefits of a stock market surge, while SMEs, non-capital regions, and younger workers struggle to keep pace. He called for a transformative approach to ensure that economic recovery benefits are more evenly distributed across different sectors.

Citing Hanwha Ocean as an exemplary case, Lee praised the shipbuilder for distributing incentive payments to both regular and subcontractor employees. He expressed hope that other large firms would adopt similar practices to share growth benefits more broadly.

Lee also touched upon the importance of environmental, social, and governance (ESG) management strategies, noting their growing significance in attracting global investment and enhancing corporate competitiveness. He pledged governmental support in cultivating a business environment that encourages mutual benefits for all parties involved.