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R&D Gap Between SMEs, Big Biz Widening: Think Tank

R&D Gap Between SMEs, Big Biz Widening: Think Tank

SEOUL, Jan. 13 (Korea Bizwire) – The gap in research and development (R&D) investment between South Korea’s small and medium-sized businesses and big companies is widening, a local think tank said Sunday, a development that can pose economic challenges going forward. The report by the Korea Small Business Institute (KOSBI) showed that while small and medium-sized enterprises [...]

SMEs Say Paying Half of National Pension Dues for Foreign Workers is Unreasonable

SMEs Say Paying Half of National Pension Dues for Foreign Workers is Unreasonable

SEOUL, Nov. 29 (Korea Bizwire) — Small to mid-sized firms are asking the government to modify pension requirements, arguing that paying half of the national pension dues for foreign workers with E-9 visas is unreasonable. The Korea Federation of SMEs (KBIZ) sent a letter to the Ministry of Health and Welfare on Wednesday asking the [...]

Smaller Manufacturers Log Biggest Output Drop in 9 Years

Smaller Manufacturers Log Biggest Output Drop in 9 Years

SEJONG, Nov. 5 (Korea Bizwire) — Small and midsize manufacturing firms in South Korea have suffered the sharpest drop in output in nine years in 2018 due mainly to a slump in the country’s automaking and shipbuilding sectors, government data showed Monday. Production by smaller manufacturers with fewer than 300 employees shrank 4.3 percent on-year [...]

New Policy Mandates Harsh Penalties for Technology Theft from SMEs

New Policy Mandates Harsh Penalties for Technology Theft from SMEs

SEOUL, Sept. 6 (Korea Bizwire) — A new measure that would punish large corporations or public institutions for stealing technology owned by small and mid-sized companies is being pushed forth by the government. According to the proposed policy, organizations would have to pay 10 times the estimated value of the technology if found to have [...]

Ministry to Implement Payment System for Small Businesses

Ministry to Implement Payment System for Small Businesses

SEOUL, Jun. 7 (Korea Bizwire) — A new payment system will be implemented aimed at addressing one of the top difficulties small businesses face, payment processing charges. Hong Jong-hak, the minister of SMEs and Startups, stated at a gathering relating to the issue today that an innovative payment system is needed to relieve small businesses [...]

Blockchain Can Prevent Delays in Payment for Products Delivered by SMEs: Report

Blockchain Can Prevent Delays in Payment for Products Delivered by SMEs: Report

SEOUL, Mar. 12 (Korea Bizwire) — Smart contracts based on blockchain technology can effectively prevent delays in payments for delivered goods and make it impossible to unilaterally alter original contracts, a local think tank said Sunday. The report by Korea Small Business Institute (KOSBI) said blockchains can open new horizons for how small and medium [...]

S. Korean SMEs Have Harder Time Getting Loans compared to Others in OECD 

S. Korean SMEs Have Harder Time Getting Loans compared to Others in OECD 

SEOUL, Feb. 26 (Korea Bizwire) — South Korean small and medium-sized companies have a harder time borrowing from lenders than companies in other Organization for Economic Cooperation and Development (OECD) economies, official data showed Saturday. According to the Paris-based economic organization and the National Assembly Budget Office (NABO), the loan request rejection rate stood at [...]