SMEs and Startup Minister Hong Jong-haak is promising substantial incentives for conglomerates seeking coexistence with smaller companies. 

Speaking at a forum on SMEs on Jeju Island on Thursday, Hong said the government will provide significant support for large-sized firms that contribute to an "open innovation ecosystem," in which large companies are cooperating on innovation with SMEs and laborers. 

Emphasizing that South Korea needs a paradigm shift from large-sized firms to SMEs and open innovation, the minister said the nation needs to integrate capital and technologies of large-sized firms with innovative ideas from SMEs in order to realize coprosperity among large and small companies and workers.