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Korea's cooperation schemes to development of small and medium enterprises in Ethiopia

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Frame of Image ng the SME Development of Aid Recipients The growth of Small and Medium Enterprises (SMEs) has a critical impact on the economic development of a developing nation because it increases tax revenue and creates jobs. Korea strived for economic development in the 1970s, mainly through policies focused on the development of large enterprises, but great efforts were made also for the development of
SMEs. The Small and Medium Enterprises Promotion Act (1979) were enacted to support the development of Korean SMEs. The support through financial institutions has also been provided such as the Citizens’ National Bank and the Small and Medium Industry Bank. In 1984, the Mutual Assistance Fund was, moreover, established to prevent SMEs from going bankrupt and to finance joint purchases and sales. With the growth that ensued, Korean SMEs played a pivotal role in keeping the inequality down up until the 1998 economic crisis.
Korea’s Cooperation Schemes to Development of Small and Medium Enterprises in Ethiopia
2
Korea has the sufficient capacity to support
the SME development of developing nations due to a history of notable SME development. Nevertheless, Korea has, until now, largely neglected joint efforts in developing the SMEs of aid recipient countries. The Korean government must note that a number of developed western donors and multilateral organizations have realized the importance of SME development in achieving economic prosperity since the 1990s and that these countries have als


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Title Korea's cooperation schemes to development of small and medium enterprises in Ethiopia
Similar Titles
Material Type Reports
Author(English)

Kwak, Sungil; Jeon, Hyelin; Baik, Seukhoon

Publisher

Korea Institute for International Economic Policy

Date 2013
Series Title; No World Economy Upadate / 3-54
Pages 5
Subject Country Ethiopia(Africa)
South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Official Aid < Development Assistance
Official Aid < Development Administration
Holding Korea Institute for International Economic Policy