Ministry of SMEs and Startups

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Ministry of SMEs and Startups
중소벤처기업부
Jungso Bencheo Gieopbu
Ministry of SMEs and Startups.png
Agency overview
FormedJuly 26, 2017 (2017-07-26)
Preceding
JurisdictionGovernment of South Korea
HeadquartersSeo-gu, Daejeon
Minister responsible
Deputy Minister responsible
  • Choi Su-gyu, Vice-minister of the SMEs and Startups
WebsiteOfficial English Site

The Ministry of SMEs and Startups (중소벤처기업부, 中小벤처企業部) is a ministry of the Republic of Korea, established in July 2017 by the Moon Jae-in government. It succeeds the former Small and Medium Business Administration (중소기업청, 中小企業廳). The headquarters are located in Seo-gu, Daejeon.[1] As of February 2021, Kwon Chil-seung, a member of the National Assembly and Democratic Party, has been appointed as the South Korean Minister of SMEs and Startups. [2]

Mission[]

The South Korean Ministry of SMEs and Startups is dedicated towards supporting the innovation, growth and security of small-to-medium sized and micro enterprises. It follows various policies to improve the conditions for small and medium-sized businesses. It aims to reduce barriers by preventing legislations that might act disadvantageously to smaller enterprises. In order to create a business environment that is favourable to these enterprises, the Ministry implements a public purchase program, which is intended to increase the amount of contracts signed between central and local governments, public corporations and institutions and SMEs. It provides a growth support for tech startups, which includes a Tech Incubator Program for Start-ups that offers R&D funds, and assures that universities provide supportive infrastructures to students who consider creating their own startup. Traditional markets, which count into the category of micro enterprises, are encouraged to remodel their layout and provide better facilities to its customers in order to improve traditional markets popularity among young people and tourists. The Ministry conducts regular safety inspections, is responsible for the installation of smoke detectors and the repair of old facilities. Enterprises focusing on tech innovation are offered support through R&D cooperation networks between universities, research centers, and other businesses. The Ministry’s Technical Dispute Mediation/Arbitration Committee aids SMEs to build adequate security systems for protection of their technologies. [3] The Ministry is one of the organizers of the K-Startup Grand Challenge, held in Panggyo Techno Valley, a Korean government initiative offering accelerations programs and networking opportunities to foreign startups that want to enter the Korean market. [4]

Startup Climate in South Korea[]

Reports show that Korea has become an attractive destination to international startups. In 2020, 2,648 overseas startups from 118 countries applied to participate in the K-Startup Grand Challenge, which showed an increase of 58% in comparison to application rates in 2019.[5] South Korea has a strong domestic market with great purchasing power, making the country attractive to foreign entrepreneurs. [6] According to the OECD, South Korea has the second-highest expenditures on R&D in the world, which is another pulling factor. [7] Currently, small and medium-sized businesses account for 99% of all enterprises in South Korea, 88% of employment and 38% of national export. [8]

References[]

  1. ^ "Ministry of SMES and Startups". smba.go.kr (in Korean). Retrieved 2018-05-11.
  2. ^ Herald, The Korea (2021-01-20). "Kwon Chil-seung nominated to be minister of SMEs and Startups". www.koreaherald.com. Retrieved 2021-02-27.
  3. ^ "Ministry of SMEs and Startups". www.mss.go.kr. Retrieved 2021-02-27.
  4. ^ CHALLENGE, K.-STARTUP GRAND. "K-STARTUP GRAND CHALLENGE". www.k-startupgc.org. Retrieved 2021-02-27.
  5. ^ "Ministry of SMEs and Startups". www.mss.go.kr. Retrieved 2021-02-27.
  6. ^ CHALLENGE, K.-STARTUP GRAND. "K-STARTUP GRAND CHALLENGE". www.k-startupgc.org. Retrieved 2021-02-27.
  7. ^ "Research and development (R&D) - Gross domestic spending on R&D - OECD Data". theOECD. Retrieved 2021-02-27.
  8. ^ "Ministry of SMEs and Startups". www.mss.go.kr. Retrieved 2021-02-27.

External links[]



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