Korea

A report released by The Bank of Korea (BOK) on Friday said 70 per cent of domestic businesses would begin to be more prosperous in the first half of 2004.

South Korea's top trade promotion agency said Monday it will try to provide more export opportunities to small- and medium-sized enterprises (SMEs) this year as part of measures to pull up the nation's exports to US$200bn.

Nearly 4 out of 10 small- and medium- sized domestic enterprises (SMEs) are unable to cover interest payments on their debts with their before-tax-and-interest profits according to the Bank of Korea.

An economic recovery may be in store for Christmas, but domestic small- and medium-sized enterprises (SMEs) will not be joining in the festivities as they continue to suffer from liquidity problems.

A delegation promoting exports from medium-size businesses in Gimhae, South Gyeongsang Province, have signed provisional contracts worth US$19m with importers in three East European nations, according to the Gimhae municipal government.

Starting in January next year, Korea's first logistics base for small- and medium-sized enterprises (SMEs) is to go into operation in Amsterdam, as part of an effort to help small firms make further inroads into the European market.

Outstanding corporate loans rose 2.6 trillion won in October, up from the 700 billion won rise in September, owing to a jump in lending to small- and medium-size enterprises (SMEs).

The amount of loans extended by local banks to small and medium-sized firms (SMEs) grew significantly during the first 10 months of this year.

The economic environment for small- and medium-sized enterprises (SMEs) has hit its lowest ebb in 13 months, reported the Korea Federation of Small and Medium Business (KFSB).

Korean businesses have been paying far higher corporate income taxes than the average paid in member nations of the Organization for Economic Cooperation and Development (OECD).