Administrator Joo Young-sup of Small and Medium Business Administration (SMBA), said the SMBA will focus on helping SMEs work to expand exports and create jobs around the country this year. It is ready to give huge support to those SMEs which focus on such key areas as R&D for their future development, expanding exports and job.
At a media briefing on Feb. 1 at the head office of SMBA in Yeouido, Seoul, Administrator Joo outlined the SMBA’s management plan for this year. He said the SMBA will not spare its support for SMEs to expand their exports and take advantage of the free trade agreements (FTA) signed with many countries around the world, including China and the U.S.
SMBA support will come in key areas such as technology development, marketing and personnel training.
Joo reiterated that an increase in exports and the creation of jobs will be the important criteria for SMBA in the selection of 80 business areas to get its support.
According to Joo, the SMBA will measure its supports to SMEs, especially in the key areas such as expenses and the effectiveness of its support so that it might be able to provide its support more effectively at a lower cost.
The SMBA has increased its budget for R&D support activities geared towards the expansion of exports by SMEs to 430 billion won this year from 79.8 billion won, more than five times that for 2014.
The number of companies selected to measure job increases has been expanded to 71 from 18, and the number of companies to gauge job increases has grown from 21 to 70, up 233 percent, Joo said.
SMBA’s strategy to spur exports and startups will focus on securing export, Joo said.
The SMBA will also give priority to building “a ladder” to the global market so that any SMEs not satisfied with their domestic operations can explore overseas markets.
The administrator said he will lead the SMBA to be an incubator for Korean firms in China and Central and South America. The SMBA will provide close support to encourage them to ship more of their goods and services to those regions.
He also said it is about time to extend support to startups and the companies established within the context of the government’s Creative Economy Drive so that they can create results.
“We plan to give them support so that they might develop their own technologies and produce goods and services and secure stable channels to export those goods and services.”
In the meantime, the SMBA plans to have its Kongyong Homeshopping sell 700 billion won of goods this year, up from 500 billion won initially targeted.
The SMBA promotes positive minds about start-up businesses through a program called BizCool, targeting elementary, middle and high school students to promote positive thinking on entrepreneurship. The SMBA also holds lectures on entrepreneurship and support clubs, academies and leagues at universities encouraging business startups to inspire college students as potential future entrepreneurs.
Furthermore, the SMBA holds special lectures on entrepreneurship given by successful venture business CEOs and hosts national youth business administration debates to cultivate and spread entrepreneurship among youths. In addition, in order to effectively prepare new businesses for Korea’s rapidly ageing society, the SMBA also manages a senior business plaza and senior start-up schools for those retiring.
The SMBA has also designated six organizations, including the Korea Venture Business Association, for the reemployment of the retired.
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