Supported by Korea’s SMBA policy, SMEs boost national economic growth
South Korea has succeeded in accomplishing US$1 trillion in trade volume in 2013 for the third consecutive year while retaining the world’s eighth-largest trade giant status in the global market.
There are a great number of South Korean enterprises behind such an amazing historical achievement. Among numerous contributors, the contributions of small and medium-sized enterprises – three million SMEs in Korea, which have played pivotal roles in the national economy, accounting for 99.9% of all enterprises, 87.7% of all employees (10.8 million employees), and 47.6% of production -deserve special mention, in spite of their comparatively low ratio of the overall economy compared to large conglomerates like Samsung Electronics, Hyundai Motor, etc.
With their independent consistent utmost efforts for expanding their presence in the global market and favorable export conditions created mainly by FTAs signed by Korea with other countries, Korean SMEs have seen slightly expanded volume of exports to foreign markets amid the global slowdown in consumption – especially in the area of automotive parts.
South Korean SMEs have played an important role in boosting the nation’s economic performance through directly exporting their flagship export items to global markets and helping exports of finished goods of the larger-sized Korean enterprises by supplying parts products to them.
There has been remarkable government-level policy behind SMEs’ contribution to the nation’s economic progress. The Small and Medium Business Administration (SMBA) has been implementing policies that are aimed to help strengthen the export capacity of South Korean SMEs.
This policy is focused on boosting the gradual increase of SMEs’ export volume by supplying various kinds of specific services promoting exports of SMEs including education, design, global market information supply, marketing, market research, strategy consulting, global brand development, etc.
Under this support policy, last year, more than 1,600 Korean SMEs could enjoy direct and indirect benefits by expanding their presence in global markets through being intensively, frequently, effectively, and strategically exposed to global business partners by supported export boosting services.
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