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Development and policy issues of SME Scope

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Frame of Image trial development to
achieve rapid economic growth. Subsequently, the nation recognized the importance of SMEs for sound and balanced growth, leading to a variety of SME support policies. The criteria for SME classification in Korea was first established with the e n a c t m e n t of the Framework Act on Small and Medium Enterprises (hereinafter called ‘the Framework Act’) in 1966. Since then, the Framework A c t has undergone 13 revisions and supplementations to rationalize implementation, adapting to changes in economic circumstances and the industrial development paradigm. Prior to 2000, the scope of SMEs was revised and supplemented based on the manufacturing sector in line with the national policies to pursue manufacturing-oriented industrial development. Since 2000, changes have been made to respond to the emerging global competition, including an adjustment in the service sector criteria for SMEs. This paper deals with the current SME scope in Korea and its development processes, and suggests reasonable operating measures of SME Scope in the future.
2. The Current Scope and Status of SMEs
(1) Current SME Scope
Currently, the criteria for an SME scope include both quantitative and qualitative standards. Article 2 of the Framework Act, entitled the “Scope of Small & Medium Business Proprietors”, stipulates that to be designated an SME, an enterprise’s business scale shall meet the standards prescribed by Presidential Decree with reference to four quantitative criteria as


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Title Development and policy issues of SME Scope
Similar Titles
Material Type Reports
Author(English)

Yang, Hyun-Bong

Publisher

[Seoul]:Korea Institute for Industrial Economics & Trade

Date 2010
Journal Title; Vol./Issue KIET Industrial Economic Review:vol. 15(no. 5)
Pages 13
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Industry and Technology < Entrepreneurship
Holding KIET; KDI School

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