The Korean government yesterday unveiled a set of measures aimed at bolstering the competitiveness of small- and midsize enterprises (SMEs) that have been hit hard by weak domestic demand.
During a cabinet meeting presided by President Roh Moo-hyun, participants agreed to raise US$80m to assist SMEs and another US$4m to promote restructuring.
The government will also increase its fund by US$4m in the second half of this year to support product development at 500 of the small companies.
In addition, SMEs can buy coupons from the government at below the market price to receive services from major consulting, accounting and legal firms.
To keep track of more accurate information on small companies' credit status, the government will spin off the credit information units of the Korea Credit Guarantee Fund and the Korea Technology Guarantee Fund to set up an overall credit bureau.
