The government will step up its efforts to protect small and mid-sized enterprises from technology leaks as related damage has continued to increase in recent years, the top economic policymaker said Wednesday.

“The government will stay at the forefront to prevent SMEs from being victimized by technology leaks,” Finance Minister Bahk Jae-wan told a crisis management meeting.

Bahk said such damage sustained by SMEs has been increasing every year and they remain vulnerable to such problems. He also noted the country does not have a sufficient arbitration system to deal with such disputes.

To that end, the minister said the government will supply manuals to SMEs to help them effectively respond to technology theft and establish an arbitration organization.

The move comes after a recent report showed that about 14 percent of small companies have experienced technology leaks and related cumulative damages had topped 5 trillion won ($4.5 billion) by 2010.

The report also pointed out that the Small and Medium Business Administration, which is in charge of policies for small companies, does not have enough personnel or a large enough budget to deal with the issue.

Meanwhile, speaking of the current economic conditions for Korea, Bahk said that despite some improvement, the economy still faces “chilly air,” referring to tough external market conditions.

“The assessment on our economy is a mixed bag that contains both chilly and warm air,” he said. “We need to find a new solution to the (economic) success equation that is totally different from the past era when we enjoyed very fast growth.” (Yonhap News)