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Korea to Launch KRW 150 BN Fund to Help SMEs

South Korea plans to launch a 150 billion won (US$139.8 million) private equity fund in order to strengthen support for small- and medium-sized enterprises (SMEs), the country's top economic policymaker said Tuesday.

The government will also provide diverse support measures for SMEs in the form of risk management, marketing and help in making inroads in foreign countries, Finance Minister Hyun Oh-seok said during a meeting with other policymakers.

"We will launch a 150 billion won private equity fund and strengthen financial support such as provision of low interest rate loan products, while focusing on helping them advance into foreign countries, risk management and marketing strategies," he said.

The government also plans to designate about 200 "high-potential" companies whose exports exceed $20 million and draw up a support system exclusively tailored to meet their needs, he added.

Hyun noted that SMEs are having difficulty in finding needed workers, while many younger people are also having a tough time landing jobs. He said that the government will work hard to resolve the so-called job mismatch problem.

Source Text

Source: Yonhap News (Sep. 24, 2013)

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