Gov’t to support medium-sized firms to keep growth momentum: industry minister

Industry Minister Ahn Duk-geun said Monday the government plans to roll out tailored supportive measures for medium-sized businesses in the first half to maintain the country's export momentum. "South Korea has been showing signs of economic growth despite challenges from home and abroad, with its exports posting on-year growth for seven straight months," Ahn said during a meeting with some 100 officials from local medium-sized businesses. Exports increased 13.8 percent on-year to US$56.2 billion last month on the back of robust shipments of chips and cars. Ahn pointed out that medium-sized companies, particularly in the materials, parts, and equipment sectors, are critical in sustaining economic growth. He emphasized that medium-sized firms account for 18 percent of the exports, despite comprising only 1.3 percent of the total number of local companies. The minister added that the government plans to unveil a comprehensive blueprint within the first half of this year to ease financial burdens on local businesses and assist in their expansion. "We ask for the country's 5,576 medium-sized enterprises' proactive participation and investment for the government's goal of achieving annual exports of $700 billion," Ahn said. Source: Yonhap News Agency