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S. Korea, Missouri Sign MOU on SMEs Promotion

S. Korea, Missouri Sign MOU on SMEs Promotion

SEOUL, Sept. 29 (Korea Bizwire) — The South Korean government said Friday it has signed a memorandum of understanding (MOU) with the state of Missouri to enhance cooperation between small and medium-sized enterprises (SMEs). The pact was signed in Seoul between Choi Su-gyu, vice minister of SMEs and Startups, and Missouri Gov. Eric Robert Greitens, [...]

Wage Gap Between South Korean Conglomerate and SME Workers Bigger than in U.S. and Japan

Wage Gap Between South Korean Conglomerate and SME Workers Bigger than in U.S. and Japan

SEOUL, Sept. 13 (Korea Bizwire) – The average salary of workers at conglomerates in South Korea is over three times higher than those working at a small-sized companies, a new study has claimed. Findings from a study on wage gaps between companies conducted by researcher Roh Min-sun at the Korea Small Business Institute show the [...]

No More Trickle-Down Effects from Big Business in Korean Economy

No More Trickle-Down Effects from Big Business in Korean Economy

SEOUL, Feb. 23 (Korea Bizwire) – Trickle-down effects from major South Korean businesses, creating a flow of benefits to smaller companies, are becoming less perceptible.  In a report announced Wednesday by the Korea Small Business Institute, researchers said that “there’s now very little trickle-down effects between big companies and SMEs,” based on a statistical analysis [...]

Half of New Businesses End up Going Bankrupt Within 2 Years, Statistics Show

Half of New Businesses End up Going Bankrupt Within 2 Years, Statistics Show

SEOUL, Feb. 20 (Korea Bizwire) – Some 800,000 small businesses open shop annually, but about half of them go bankrupt within two years, statistics showed Monday. A report released by Statistics Korea said that among businesses that started in 2013, 62.4 percent were still in operation a year later. The rate fell to 47.5 percent [...]

Korea’s “Innovation Centers” Bearing Fruit, with Uncertain Future

Korea’s “Innovation Centers” Bearing Fruit, with Uncertain Future

SEOUL, Dec. 30 (Korea Bizwire) – The Ministry of Science, ICT and Future Planning announced Thursday some of the most successful ventures by startups and SMEs funded or supported by the Center for Creative Economy & Innovation.  One of the companies introduced was 247 Korea, which manufactures a self-protection smartphone case that can automatically send [...]

SME Loans from Nonbank Lenders Soar amid Restructuring

SME Loans from Nonbank Lenders Soar amid Restructuring

SEOUL, Dec. 20 (Korea Bizwire) – A growing number of small and medium enterprises (SMEs) in South Korea are turning to high-interest loans from nonbank lenders as banks tighten their loan screening, data showed Tuesday.  As of end-October, outstanding SME loans from nonbank financial institutions came to 76.6 trillion won (US$64.4 billion), up 31.2 percent [...]