Small and medium-sized enterprises in South Korea
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Small and medium-sized enterprises (SMEs) form the backbone of South Korea’s economy, accounting for 99.9% of all businesses in the country and employing over 80% of the workforce.[1][2] As of recent estimates, there are more than 7.7 million SMEs in South Korea, employing approximately 18.49 million people, or 81% of the total workforce.[1][3] In 2021, SMEs generated total revenues of 3,017 trillion KRW, representing a 12.8% increase from the previous year and contributing 46.9% of the nation’s total corporate revenue.[1] Notably, since 2015, the classification criteria for SMEs have shifted from employee count to annual revenue, reflecting their growing significance in the economy.
Scope of SME
[edit]| Main Business | Code | Small and Medium Enterprises
(Average Sales) |
Small Enterprise
(Average Sales) | |
|---|---|---|---|---|
| Manufacturing
(6 business types) |
Manufacturing of clothing, clothing
accessories, and fur products |
C14 | KRW 150 billion or less | KRW 12 billion or less |
| Manufacturing of leather, bags, and
shoes |
C15 | |||
| Manufacturing of pulp, paper, and
paper products |
C17 | KRW 12 billion or less | ||
| Primary metal manufacturing | C24 | KRW 8 billion or less | ||
| Electrical equipment manufacturing | C28 | |||
| Furniture manufacturing | C32 | |||
| Agriculture, forestry, and fisheries | A | KRW 100 billion or less | KRW 8 billion or less | |
| Mining | B | |||
| Manufacturing
(12 business types) |
Food manufacturing | C10 | KRW 12 billion or less | |
| Tobacco manufacturing | C12 | KRW 8 billion or less | ||
| Textile product manufacturing
(excluding clothing manufacturing) |
C13 | |||
| Timber and wood product
manufacturing (excluding furniture manufacturing) |
C16 | |||
| Manufacturing of coke, briquettes,
and refined petroleum products |
C19 | KRW 12 billion or less | ||
| Chemicals and chemical product
manufacturing (excluding medicine manufacturing) |
C20 | |||
| Rubber and plastic product
manufacturing |
C22 | KRW 8 billion or less | ||
| Metalwork product manufacturing
(excluding machine and furniture manufacturing) |
C25 | KRW 12 billion or less | ||
| Manufacturing of electronic parts,
computers, video, audio, and communications equipment |
C26 | |||
| Manufacturing of other machines
and equipment |
C29 | |||
| Automobile and trailer
manufacturing |
C30 | |||
| Manufacturing of other
transportation equipment |
C31 | KRW 8 billion or less | ||
| Supply of electricity, gas, steam, and air conditioning | D | KRW 12 billion or less | ||
| Waterworks | E36 | |||
| Construction | F | KRW 8 billion or less | ||
| Wholesale and retail businesses | G | KRW 5 billion or less | ||
| Manufacturing
(6 business types) |
Beverage manufacturing | C11 | KRW 80 billion or less | KRW 12 billion or less |
| Printing and recording media
duplication |
C18 | KRW 8 billion or less | ||
| Manufacturing of medical materials
and pharmaceuticals |
C21 | KRW 12 billion or less | ||
| Manufacturing of nonmetallic
mineral products |
C23 | |||
| Manufacturing of medical, precision,
optics and clocks |
C27 | KRW 8 billion or less | ||
| Manufacturing of other products | C33 | |||
| Water, sewage, and waste disposal, raw material recycling
(excluding waterworks) |
E(excluding
E36) |
KRW 3 billion or less | ||
| Transportation and warehousing | H | KRW 8 billion or less | ||
| Information and communications | J | KRW 5 billion or less | ||
| Repair of industrial machinery and equipment | C34 | KRW 60 billion or less | KRW 1 billion or less | |
| Professional, scientific, and technical services | M | KRW 3 billion or less | ||
| Business facility management, business support,
and rental services (excluding rental businesses) |
N(excluding
N76) |
KRW 3 billion or less | ||
| Health and social welfare services | Q | KRW 1 billion or less | ||
| Arts, sports and leisure services | R | KRW 3 billion or less | ||
| Repair and other personal services | S | KRW 1 billion or less | ||
| Accommodations and restaurants | I | KRW 40 billion or less | KRW 1 billion or less | |
| Finance and insurance | K | KRW 8 billion or less | ||
| Real estate businesses | L | KRW 3 billion or less | ||
| Leasing businesses | N76 | KRW 3 billion or less | ||
| Education services | P | KRW 1 billion or less | ||
| Manufacturing of new seats for automobiles | C30393 | Average sales less than
KRW 150 billion |
Average sales
less than KRW 12 billion | |
| Manufacturing of rail vehicle seats among manufacturers of
rail vehicle parts and related devices |
C31202 | |||
| Manufacturing of aircraft seats among aircraft part manufacturers | C31322 | |||
List of SMEs in South Korea
[edit]| Name (English) | Name (Korea) | Industry | sector | Headquarters | Founded | website |
|---|---|---|---|---|---|---|
| CF Technology | 씨에프테크놀로지 | Technology | software | Asan | 2020 | https://cftech.co.kr/ |
| DONGHAE SEAFOOD | 동해로씨푸드 | Consumer goods | Food | Busan | 2011 | http://www.dhrofood.com/ |
| Micro TS | 주식회사 마이크로티에스 | Industrials | Electronic & electrical equipment | Cheonan | 2008 | http://www.micro-ts.co.kr/index.php |
| Naeil Shinmun | 내일 신문 | Consumer services | Media | Seoul | 1993 | https://www.naeil.com/ |
| Viva mobility | 비바 모빌리티 | Consumer goods | Automotive | Daegu | 2018 | https://vivamobility.kr/hello |
| Harrie Inc. | 주시회사 해리 | Telecommunications | Mobile telecommunications | Seoul | 2016 | https://telecom.harrie.co.kr/ |
| Star Sports | 신신상사 주식회사 | Consumer goods | Personal goods | Namyangju | 1965 | https://starsports.co.kr/html/index.asp |
| dongjin pharmaceutical | 동진제약 | Consumer goods | pharmaceutical | Chungcheongnam-do | 2000 | http://www.idongjinkorea.com/default/index.php |
| ACE PLANET CORP | 주식회사 에이스플래닛 | Consumer service | Marketing service | Seoul | 2019 | http://www.aceplanet.co.kr/home/ |
| Chancemobile | 찬스모바일 | Telecommunications | Mobile telecommunications | Seoul | 2024 | https://chancemobile.co.kr/ |
See also
[edit]References
[edit]- ^ a b c Park, Sangdong. "중소기업 771만개, 전체 기업의 99.9% 차지…종사자 1천849만명". Yonhap news.
- ^ cycles, This text provides general information Statista assumes no liability for the information given being complete or correct Due to varying update; Text, Statistics Can Display More up-to-Date Data Than Referenced in the. "Topic: SMEs in South Korea". Statista. Retrieved 2024-11-27.
- ^ "중소벤처기업부". www.mss.go.kr (in Korean). Retrieved 2024-11-27.
- ^ "Ministry of SMEs and Startups". www.mss.go.kr. Retrieved 2024-11-27.
Further reading
[edit]- Nugent, Jeffrey B.; Yhee, Seung-Jae (2002). "Small and Medium Enterprises in Korea: Achievements, Constraints and Policy Issues". Small Business Economics. 18 (1/3): 85–119. doi:10.1023/A:1015181911497.
- OECD (2024). "Korea". Financing SMEs and Entrepreneurs 2024: An OECD Scoreboard. Paris: OECD Publishing. doi:10.1787/fa521246-en. ISSN 2306-5265.
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