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Korean Government Aims to Foster 400 Global Companies

Under its new plans, reported at the economic ministers' meeting, the Ministry of Trade, Industry and Energy said it will work to develop 400 global companies with more than $100 million each in exports by 2017.

The ministry has already designated 46 companies and will name 150 others before the end of next year.

Government support for the designated companies will include free business and financial consultations. The ministry also seeks to help train global leaders, providing financial support to up to 60 people from private companies to receive education at globally renowned schools.

In addition to developing globally competitive firms, the ministry will work to develop new, key industries as part of efforts to create jobs.

The ministry has named four industries, including the offshore plants and embedded software industries, as strategic areas to be developed by 2017.

It said the move will create up to 65,000 new jobs while also developing 20,000 trained experts.

"Despite the possibility that up to 28,000 existing jobs may disappear due to an advancement in the selected industries, the number of jobs in the four industrial sectors may still increase by a net 37,000," a ministry official said.

Source Text

Source: Yonhap News (Sep. 24, 2013)

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