According to Yonhap News,

(SEOUL = Yonhap News) South Korea's largest business group said Thursday it will share patent rights and production facilities with small and medium enterprises (SMEs) to help bolster the country's overall economic competitiveness.

The move, outlined at the board meeting of the Federation of Korean Industries (FKI), also calls for providing corporate consulting to at least 1,200 SMEs and supporting them to export more goods.

Such assistance will be provided by the federation's cooperation center that is responsible for contributing to new growth engines for the economy and sharing of benefits for progress.

"The FKI's cooperation center will offer patents and use of production and research-related facilities as well as other assets not being used by conglomerates so as to assist smaller businesses," a press release said.

The benefits will be offered free of charge or at affordable rates so as not to burden SMEs and help them increase productivity and pursue corporate innovation, making them more competitive not only in South Korea but around the world, the FKI said.

Economists say strong SMEs are beneficial to all sides because producing high quality, affordable components, products and services that are used by bigger companies enhances the competitiveness of the latter. Since SMEs create a bulk of jobs, their growth can spur employment critical for improving national economy.

To promote exports and assist SMEs gain greater access to overseas markets, the FKI said efforts will be made to share business networks created by big companies over the years and form corporate tie-ups to enter new markets.

FKI members will also help smaller companies hire at least 2,500 retirees with useful business experiences. The federation plans to host several job fairs during the year that can link SMEs with qualified job applicants.

The number of SMEs to receive technical innovation assistance will be doubled to 40 in 2014 from the year before.

"Companies selected will receive technological support, managerial consulting and coaching on ways to streamline production," the FKI said.