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Korea

In: G20 Entrepreneurship Services Report

Author

Listed:
  • Jian Gao

    (Tsinghua University)

  • Ruitao Jia

    (Tsinghua University)

  • Qing Su

    (Tsinghua University)

Abstract

Although the South Korean government promulgated the Basic Law for Small and Medium Enterprises (SMEs) as early as 1966 to protect the interests of SMEs, it emphasized the superiority of large enterprises at the beginning of its economic development and did not attach importance to the development of start-ups and SMEs (According to the Implementation Law on the Framework Act on Small & Medium Enterprises Preparation, more than 1000 full-time employees or enterprises with total assets exceeding 500 billion won are excluded from the category of SMEssmall and medium enterprises (SMEs). In 2013, SMEs accounted for 99.9% of the total number of South Korean enterprises). Since the 1970s, South Korea has continuously improved the legal system supporting the development of SMEs. In addition, it has formulated and improved the relevant laws and regulations on venture capital to promote the development of venture capital. In 2017, Moon Jae-in’s government upgraded the Department of SMEs to the Ministry of SMEs and Startups, to promote the shift of the economic structure to entrepreneurship and SMEs and boost cooperation among large, medium, and small enterprises.

Suggested Citation

  • Jian Gao & Ruitao Jia & Qing Su, 2022. "Korea," Springer Books, in: G20 Entrepreneurship Services Report, pages 191-204, Springer.
    • Handle: RePEc:spr:sprchp:978-981-16-6787-9_14
    DOI: 10.1007/978-981-16-6787-9_14
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