Park urges chaebol-SME coprosperity

President Park Geun-hye called for a change in the nation’s economic paradigm to foster coprosperity between conglomerates and small and medium-sized firms. She made the instruction during policy briefings from the Ministry of Trade, Industry and Energy and the Small and Medium Business Administration at Cheong Wa Dae on Monday.

“Our economy reliant on big companies should be transformed into an economic structure where exports and domestic consumption are boosted simultaneously, and conglomerates and SMEs prosper together,” Park said. The nation’s economy should also create an environment which encourages creativity and ideas in a knowledge-based society, Park added.

The Commerce Ministry reported that it would come up with measures to crack down on malpractices at chaebol, or South Korean family-controlled big business groups, particularly in cash payments to their small and mid-sized suppliers.

For full article, see Korea Herald.

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