Sme Definition South Korea

Enhancing dynamism in smes and entrepreneurship in korea economics department working papers no.

Sme definition south korea. For example the european union defines a sme as fewer than 500 employees whereas south korea classifies sme as fewer than 1 000 employees. Findings show that public policy is directed to sme internationalisation activities but focuses on support only for export promotion. Philippines japan and south korea. It includes indicators of debt equity asset based finance and framework conditions for sme and entrepreneurship finance complemented by an overview of recent developments in public and private initiatives to support sme finance.

Definition of smes in south korea. Definition of korean smes in general sme is defined as an enterprise with less than 300 employees manufacturing mining construction transportation etc 200 employees in business support service 100 employees in wholesale and product intermediation. Table 1 illustrates data comparison on the number of smes and the number of people employed in the uk eu and three asian countries. Korea is one of the countries with the highest employment rate in the smes sector.

Enhancing sme productivity by strengthening linkages with global markets. Some countries even do not have fixed definitions of smes. Jones and jae wan lee oecd working papers should not be reported as representing the official views of the oecd. As for the number of employees korean smes employ approximately 14 million constituting nearly 88 of the workforce.

And china have predominately been south korea s key trading partners in the year ahead south korean businesses including small and medium sized enterprises smes should explore the encouraging prospects within the asia pacific region. Trade plays a major role in south korea s economic growth. In korea there are about 3 5 million small and medium sized enterprises which make up about 99 9 percent of the total number of korean firms.