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SME finance and the creative economy in Korea

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Frame of Image e Creative Economy in Korea
creative ideas. A more concrete concept of the creative economy is required and essential for policy implementation as well as coordination with the Korean economic environment and policy demand. President Park’s creative economy agenda reflects the current economic environment of Korea. Indeed, the potential growth of the economy is challenged by a number of factors such as a high dependency of SMEs on chaebols, widening economic and social imbalances between chaebols and SMEs, slowing down of the growth engine industries and so on. This calls for the new concept, the “Korean creative economy”, which includes creating n e w industries and markets, accelerating firms’ innovative activities, stimulating creative ideas, and creating quality jobs. In order to foster a creative economic ecosystem, the active role of SMEs is critical; this will be achieved by SMEs’ business ‘growth strategy’ and ‘tools’. Their growth strategy should aim to boost exports and trades in both global a n d domestic markets, and the tools would be backed up by their specialization and knowledge management in businesses. The on-going SME policies and direction in Korea need to be carefully
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KIET Industrial Economic Review
addressed in order to encourage SMEs to play a key role in the creative eco-system. In coordinating SME policies, structural conformity with the elements of the creative economy and that of SME policies needs to be stressed. In addition, more creativity is


Full Text
Title SME finance and the creative economy in Korea
Similar Titles
Material Type Reports
Author(English)

Shin, Jongwon

Publisher

[Seoul]:Korea Institute for Industrial Economics & Trade

Date 2014-10
Series Title; No KIET Industrial Economic Review / vol. 19(no. 5)
Pages 11
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Economy < Economic Administration
Industry and Technology < Entrepreneurship
Holding KIET; KDI School