Park promises to give more support to SMEs

When President Park Geun-hye visited the Korea Federation of Small and Medium Business last month, the fact that she went there before paying a call on the group representing the nation’s largest conglomerates seemed to highlight her commitment to supporting small firms. “Shared growth” between large and small companies has been a key policy goal of the government for years, and it is expected to gain momentum under Park, who took office on Monday.

The government currently offers some 160 incentives, including tax benefits, for small and medium enterprises, but most of them still have trouble finding workers of high caliber, in large part because many young Koreans prefer big firms, and can’t invest much in research and development. To keep large companies from hurting SMEs’ business, a state-funded panel designates trades deemed suitable for only SMEs, such as bakeries and restaurants, and advises large firms to stay away from them.

For full article see Korea Herald.

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