ICSB: 3.5 mln SMEs are engines of growth in Korea economy

SMEs are engines of growth in Korean economy, said President of the International Council for Small Business (ICSB) for South Korea on Thursday.

Speaking at the ICSB World Congress taking place in Cairo, Ki-Chan Kim said South Korea is home to more than 3.5 million SMEs, explaining that the policy-making was the keyword for the SMEs’ success and significant contribution to Asia’s fourth-largest economy.

In South Korea, SMEs take up ninety-nine percent of number of enterprises, eighty-eight percent of total employment, thirty-eight percent of export, and fifty-one percent of added value, according to official data from the Korean Ministry of SMEs and Startups.

Kim defined humane entrepreneurship as “the spirit of goodness”.

Focusing on people through humane entrepreneurship can drive a new era of wealth and sustainable job creation, Kim said.