Busan Chamber of Commerce hosts 287th Busan Economic Forum with Sejong University professor Kim Dae-jong
The Busan Chamber of Commerce held the 287th Busan Economic Forum on Wednesday morning at Lotte Hotel Busan, under the theme "2027 Domestic and International Economic Outlook and Survival Strategies for Small and Medium-Sized Enterprises." The forum drew about 200 attendees, including Busan Chamber of Commerce Chairman Yang Jae-saeng, Vice Chairmen Shin Han-chun, Lee Su-tae and Park Sa-ik, auditors Kim Yeong-deuk and Kwon Gi-jae, Busan Regional Office of Small and Medium Venture Business Director Lee Cheong-il, and local business leaders.
Kim Dae-jong, a professor at Sejong University's School of Business Administration, projected South Korea's economic growth rate at around 3 percent next year, while warning that corporate uncertainty would persist amid high inflation, a high exchange rate and high interest rates — the so-called "triple high" phenomenon — along with US high-tariff policies and the intensifying US-China rivalry for global dominance.
"Given that South Korea's economy is 75 percent dependent on trade, changes in the trade environment directly affect corporate management, which is why we must reduce reliance on any single country and diversify both export markets and supply chains," Kim said. He outlined four survival strategies for small and medium-sized enterprises: adopting subscription-based recurring revenue models, entering public and government procurement markets, expanding online and mobile sales channels, and introducing new overseas industries and technologies. He also stressed the importance of securing cash liquidity to weather economic fluctuations.
"The business environment surrounding Korean companies will remain far from easy next year," Chairman Yang said. "I hope this forum helps regional businesses get a head start on reading the 2027 economic landscape and serves as a practical guide for setting their management strategies for the year ahead."
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