Home

The Korea Herald

Latest news

Most Popular

  1. 1

    Now is no time to add pressure on businesses: top executives

    Now is no time to add pressure on businesses: top executives
  2. 2

    CJ CheilJedang to spur overseas growth with new Hungary, US plants

    CJ CheilJedang to spur overseas growth with new Hungary, US plants
  3. 3

    Seoul to host winter festival from Dec. 13

    Seoul to host winter festival from Dec. 13
  4. 4

    Nationwide rail disruptions feared as union plans strike from Dec. 5

    Nationwide rail disruptions feared as union plans strike from Dec. 5
  5. 5

    Blackpink's solo journeys: Complementary paths, not competition

    Blackpink's solo journeys: Complementary paths, not competition
  1. 6

    N. Korea, Russia court softer image: From animal diplomacy to tourism

    N. Korea, Russia court softer image: From animal diplomacy to tourism
  2. 7

    [Today’s K-pop] Blackpink’s Jennie, Lisa invited to Coachella as solo acts

    [Today’s K-pop] Blackpink’s Jennie, Lisa invited to Coachella as solo acts
  3. 8

    Smugglers caught disguising 230 tons of Chinese black beans as diesel exhaust fluid

    Smugglers caught disguising 230 tons of Chinese black beans as diesel exhaust fluid
  4. 9

    Korean Air offers special flights for mileage users

    Korean Air offers special flights for mileage users
  5. 10

    Defense ministry denies special treatment for BTS’ V amid phone use allegations

    Defense ministry denies special treatment for BTS’ V amid phone use allegations
소아쌤

New ministry aims to expand exports of products made by SMEs

By Catherine Chung

Published : July 31, 2017 - 10:31

    • Link copied

The country's new ministry dedicated to small and medium-sized enterprises said Monday it will vitalize the local economy by expanding exports of products made by smaller companies.

The Ministry of SMEs and Startups said it aims to expand the proportion of exports made by SMEs to over 40 percent of all outbound shipments by 2022.

In this file photo taken on Nov. 30, 2016, foreign buyers look at brochures introducing Korean products during an export fair in Seoul. (Yonhap) In this file photo taken on Nov. 30, 2016, foreign buyers look at brochures introducing Korean products during an export fair in Seoul. (Yonhap)

Small and medium-sized companies accounted for 37.6 percent of exports in 2016, up 5.5 percentage points from 32.1 percent in 2012, according to the ministry. The amount of exports also rose 6 percent from $175.7 billion to $186.3 billion during the cited period.

In order to further boost exports, the government said it plans to provide loans worth 1 trillion won ($889 million) to foreign companies that purchase products made by SMEs.

Other support measures include establishing an online platform for companies to carry out one-stop administrative affairs related to trade that range from customs clearance to export declaration, by 2019. (Yonhap)



More from Headlines