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S. Korea vows more support for smaller firms, startups

According to Yonhap News,

(SEOUL=Yonhap News) South Korea will provide more support to smaller firms and startups as they play a key role in Asia's fourth-largest economy, a senior government official said Thursday.

During a meeting with businessmen, Kim Yong-jin, the country's deputy finance minister, said smaller firms need to increase hiring of young people and the government will take actions to support such a move.

"The government will revamp support for smaller firms in a way that helps them move toward innovative growth," Kim said. "The state will increase financial support for their research and development as well."

Earlier, the government said it would consider easing the tax burden on smaller firms and extending more financing so that they can generate more innovative growth and play a greater role in creating more quality jobs.

Earlier, a trade association said 400 small and medium-sized enterprises in the country are expected to hire over 11,000 people and spend a combined 4.33 trillion won this year to bolster their competitiveness.

Copyrights Yonhap News. All Rights Reserved.

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Source: Yonhap News (Mar. 8, 2018)

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