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 [...]
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 [...]
SEOUL, Feb. 26 (Korea Bizwire) — The government said Saturday that it will extend exemptions on various charges for manufacturing startups, translating into sizable benefits going forward. The Ministry of SMEs and Startups said the recent passage of the small and medium enterprise (SME) support plan through parliament will permit newly founded companies to be [...]
SEOUL, Dec. 18 (Korea Bizwire) — The government will set up a 1 trillion-won (US$918 million) fund to restructure struggling small and medium-sized enterprises (SMEs) as part of its drive for “market-oriented” corporate restructuring, officials said Monday. Under the scheme, eight state-run and retail banks, including Korea Development Bank, will raise 500 billion won by [...]
SEOUL, Sept. 22 (Korea Bizwire) — The government said Friday it will soon come up with measures to get big businesses to share profits with subcontractors. The government will complete a study on a viable profit-sharing model by the end of the year so a bill could be presented to the National Assembly for passage [...]
SEOUL, Sept. 19 (Korea Bizwire) — South Korea’s smaller firms have lost nearly 86 percent of patent suits against large businesses this year due mainly to their lack of legal expertise and resources to protect their intellectual properties, a lawmaker said Tuesday. Citing data from the Korea Intellectual Property Office, Rep. Kim Jung-hoon of the [...]
SUWON, Sept. 14 (Korea Bizwire) – A new survey has revealed that nearly half of small and medium-sized South Korean companies that focus on the new technologies such as smart health care and drones face difficulties due to ‘too many regulations,’ with the resulting economic damages estimated to reach 200 million won per company. The [...]
SEOUL, Aug. 23 (Korea Bizwire) — Nearly half of South Korea’s smaller exporters with offshore production facilities are considering expanding overseas output, with only a small portion weighing reshoring, a poll said Wednesday. The survey of 1,015 small and mid-size export companies showed 49.1 percent of the respondents planning to scale up overseas production or [...]
SUWON, Aug. 17 (Korea Bizwire) – Speaking on youth unemployment and the difficulties small and medium-sized businesses face in hiring and retaining new employees, Gyeonggi Governor Nam Gyeong Pil unveiled a number of policy proposals that would seek to resolve both issues. There were three chief proposals for those ages 18 through 34 in his [...]
SEOUL, July 26 (Korea Bizwire) – The new ministry in charge of small and medium-sized businesses (SMEs) officially started work Wednesday amid expectations it will support smaller companies and create new jobs. Earlier this month, the parliament passed a bill to elevate the Small and Medium Business Administration (SMBA) to a ministry for SMEs, venture [...]