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 [...]
SEOUL, June 9 (Korea Bizwire) – South Korean venture firms on Friday welcomed the government’s plans to establish a new ministry supporting small and medium-size startups, expressing hope that the new entity will concentrate on technology and growth potential rather than sales and financial stability in rendering assistance. During the election campaign, President Moon Jae-in [...]
SEOUL, May 26 (Korea Bizwire) – Starting a new business in South Korea requires an average 200 million won (US$178,491) in starting money, and it takes about four years to break even, a stage that more than 60 percent of the startups don’t reach because they are forced to close before then, a report said [...]
SEOUL, Feb. 27 (Korea Bizwire) – Despite South Korea’s high youth unemployment, local smaller firms are struggling to hire new workers as young job seekers prefer higher-paying jobs at big businesses, financial firms and state-run companies, data showed Monday. According to a survey conducted by the Korea Small Business Institute in 2015, more than 80 [...]
SEOUL, Feb. 24 (Korea Bizwire) – Despite the public skepticism, the government is serious about its plan to implement a ‘Family Day’ to promote domestic consumption. In a meeting chaired by acting president Hwang Kyo-ahn on Thursday, the government announced that it will designate one Friday a month as a “Day with Family,” on which [...]
SEOUL, Jan. 17 (Korea Bizwire) – The South Korean government said Tuesday it will provide small and medium-sized enterprises (SMEs) here with a record level of financial support this year via policy lenders to help them weather difficult business conditions. The lenders will increase their lending to 186.7 trillion won (US$156 billion) for the year [...]
SEOUL, Jan. 6 (Korea Bizwire) – The average age of workers at small and mid-sized businesses (SMEs) is rising as the younger generation seeks jobs at bigger conglomerates for better pay and stability, a survey showed Friday. A study carried out from May to September last year on 8,000 SMEs said 25.6 percent of their [...]