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Acting president vows expanded support for SMEs

All News 11:40 January 12, 2017

SEOUL, Jan. 12 (Yonhap) -- Acting President and Prime Minister Hwang Kyo-ahn on Thursday vowed to expand policy support for small and medium-sized enterprises (SMEs), stressing their role in creating jobs and revitalizing the economy.

During the New Year's greeting session with local SME leaders, Hwang also said that his government will strive harder to promote the globalization of SMEs as part of efforts to shore up flagging exports.

"SMEs are the root of our economy. They are locomotives for another leap forward and the stabilizing force for people's livelihoods," Hwang said. "This year, the government will focus its policy capacity on enabling SMEs to contribute to leading economic growth and creating more jobs."

The acting president said that the government will push to strengthen the "ladder of growth" for SMEs, referring to a research and development program to help innovative startups grow into SMEs.

"(The government) will try to help enhance the competitiveness of SMEs by helping strengthen their capabilities for technological innovation and promoting the inflow of outstanding human resources into the companies," he said.

Hwang also pledged to help more entrepreneurs open new technology-based businesses through a set of training programs and financial assistance. Referring to young people seeking to open small businesses, he said the government will create a program under which seasoned businessmen with expertise in certain fields help train them.

Hwang took over as the acting president on Dec. 9 after President Park Geun-hye was impeached by parliament over a corruption scandal.


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