SMEs and SME Policy in Korea

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SMEs and SME Policy in Korea

Jungdae Suh

Korea Institute for Enterprises and Economy

2017. 10

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Part 1. Understanding Korean SMEs • Definition and Statistics

• Distributions

• Innovative SMEs • SMEs activities

Part 2. SME Policy of Korea

• Development and Basic principles • Framework, Targets and Measures • Supporting programs and Agencies • A case of startup

Part 3. Cooperation between Korean and Italy SMEs • Why cooperate?

• Identifying areas of cooperation • How to cooperate?

Part 1. Understanding

Korean SMEs

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1.1 Definition of SME

Industry No. of

regular work-

ers

KRW (billion) New Capital Turnove

r Turnover

• Manufacturing

< 300

< 8  From 2015,

annual turnover for three years has only been applied:

- companies having three- year average turnover up to a range of 40 billion to 150 billion KRW are acknowledged as SMEs.

• Mining and quarrying • Construction • Transportation

< 3

• Information and communications

• Business facilities management and business support services

• Human health and social work activities < 30

• Agriculture, forestry and fishing • Electricity, gas, steam and water supply

• Wholesale and retail trade • Accommodation and food service activities

• Financial and insurance activities • Professional, scientific and technical

activities • Arts, sports and recreation related services

< 200 < 20

• Sewerage, waste management, materials recovery and remediation activities

• Education • Repair and other personal services < 100 < 10

• Real estate activities, renting and leasing < 50 < 5

Source: Ministry of SMEs and Startups (MSS)

 An SME, as a profit-making business entity, must meet both economic and statistical criteria in Korea.

- It should be independent of LEs and must satisfy statistical standards, which was no. of regular workers or capital

volume (or annual turnover).

- Statistical standards were different across industry.

 New statistical standards have come into effect since January 1, 2015.

- Either no. workers or capital (turnover) -> 3yrs’ average turnover

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1.2 Numbers and Shares of SMEs (as of 2014)

SMEs 3,542,350

99.9%

LEs 3,123

0.1%

SMEs 14,027,636

62.8%

LEs 1,935,109

12.1%

Establishment Employment

Source: National Statistical Office (2016)

 Total number of firm: 3,545,473 (establishment)

 Total number of regular workers: 15,962,745

 SMEs numbers and shares

- Establishment: 3,542,350 (99.9%) - Employment: 14,027,636 (87.9%)

 Production and added value shares of SMEs are 43.8% and 51.2%, respectively

- Manufacturing SMEs with equal to 5 and more than 5 employees

SMEs 51.2%

LEs 48.8%

Added value

SMEs 43.8%

LEs 56.2%

Production

Manufacturing industry

(SMEs less than 5 workers excluded)

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1.3 Size Distribution of SMEs

Micro 3,063,001

86.5%

Small 377,640

10.7%

Medium 101,70

9 2.9%

Establishment

Micro 5,046,357

43.1%

Small 3,975,262

28.3%

Medium 4,006,017

28.6%

Employment

 SMEs are classified into categories based on their sizes.

- Small enterprises and Medium enterprises

 Micro enterprises, included in small enterprises, command an absolute majority in number.

- It accounts for 86.5% of SMEs in number, and contributes to 43.1% of SMEs employment.

Small

(Micro) Medium Manufacturing

Construction Transportation

Human health and social work activities Mining and quarrying, etc.

(1~9)1~49 50~299

Information and communication

Professional, scientific and tech. activities

1~49

(1~4) 50~299

Wholesale and retail trade

Accommodation and food service activities

Financial and insurance activities Electricity, gas, steam and water supply etc.

1~9 (1~4)

10~199

Education

Repair and other personal services 10~99

Real estate activities, renting and leas-

ing 10~49

Source: Article 2 of SME Basic Act and Article 3 of Enforcement Decree of the Act

Size Standards of Small and Medium Enterprises

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1.4 Distributions of SMEs: industry and region

Industry Establishment Employment

Total 100.0% 100.0%

Wholesale and retail trade 27.8% 20.2%

Accommodation and food service activities 19.8% 14.4%

Manufacturing 11.1% 22.7%

Transportation 10.6% 6.5%

Repair and other personal services 8.5% 4.7%

Education 4.2% 3.5%

Construction 3.6% 6.6%

Real estate activities, renting and leasing 3.4% 2.1%

Human health and social work activities 2.8% 5.1%

Arts, sports and recreation related services 2.7% 1.8%

Professional, scientific and technical activities 2.5% 4.0%

Business facilities management and business

support services 1.3% 4.2%

Information and communications 1.0% 2.6%

Others 0.7% 1.6%

Seoul 21.7%, 22.5%

Incheon 4.9%, 4.9%

Gyeonggi-do 21.5%,

23.9%

Concentration on the capital region

 More than two thirds of SMEs are in four industry sectors.

- Almost two thirds of SMEs employees are working in those sectors.

 About half of the SME are located in the national capital region.

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1.5 Innovative SMEs

 Noting the importance of SMEs innovation, the government began to support SMEs innovation since

the mid 1990s.

- Venture (1997), Inno-biz (2001), etc.

- Venture: 1) in which a venture capital company has invested, 2) who has invested in R&D more than 5% of sales.

 Business organizations of Innovative SMEs - ‘Korea Venture Business Association’

- ‘Inno-biz Association’

- ‘MAIN biz Association’

 Performance of Ventures

- No. of ventures with annual sales more than 90 millions USD (100 billions KRW) are continuously increas- ing:

416 (‘12) -> 460 (‘14) -> 513 (‘16)

- Major success factors : R&D, HR, Globalization

Source: Ministry of SMEs and Startups (MSS)

2006 2008 2010 2012 2015 2016.1

Total 17,014 32,363 43,137 47,142 48,473 48,608

Venture 12,218 15,401 24,645 28,193 31,260 31,359

Inno-biz 7,183 14,626 16,944 17,298 17,472 17,489

M-Inno. 2,619 11,325 16,642 14,867 13,898 13,951

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1.6 SMEs’ Export

SMEs’ exports and share

2009 2010 2011 2012 2013 2014 2015 2016

76.8

98.6 101.6 102.9

95.5 103.3

96.2 99.5

21.1 21.1

18.3 18.8 17.1 ¹⁸ 18.3 20.1

(Unit : billion $, %)

 SMEs’ exports amounted to $99.5 billion in 2016, accounting for 20.1% of total exports.

- The volume and share of SMEs’ exports may be underestimated due to subcontracting.

 Asia is responsible for 65.0% of total SMEs’ exports and China is the largest market to SME exporters.

- SMEs’ exports to Europe accounted for 10.4% of total SMEs exports - SMEs’ exports to Italy took up of 7.1% in exports of the Europe.

10.4 12.9

SMEs’ exports by region

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1.7 SMEs’ R&D investment

 SMEs R&D investment / Total business R&D investment - 15.9% (‘09) -> 13.7% (‘11) -> 12.6% (‘13) -> 11.9% (‘14)

 On average, SMEs spent 3.14% out of their sales on R&D investment in 2015.

 Performance of SMEs’ R&D activities

- Success rate: 56.1% (’13) -> 50.9% (‘14) -> 48.8% (‘15)

- Commercialization rate: 38.7% (’13) -> 34.4% (‘14) -> 31.7% (‘15)

R&D Investment shares by sector, as of 2014

65.6%

11.9%

22.5%

LEs SMEs Others

less than 1%

1~2%

2~4%

4~6%

6~8%

8~10%

more than 10%

average 23.5

16.5 20.5

14.2

6.3 ₅

14

3.14

R&D Investment (ratio of sales, %), as of 2015

Note: 38,874 manufacturing SMEs Source: MSS

Source: KISTEP

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Part 2. SME Policy

of Korea

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2.1 Development of SME Policy

SMEs

Promotion Protection

Entrepreneurship Unleashing potentials

Partner- ship

Unfair trade Market

dominance

LEs

Basic Principles of SME Policy

 From the beginning of economic development in 1960s, Korean LEs played a bolder and more active role in economic growth.

- SMEs took on the role of assisting LEs and the

government policy for SMEs started to play a part in facilitating such a role for SMEs.

- In fact, it could be said that industrial policy and enterprise policy of Korea have been initiated favoring LEs form the beginning, making LEs ‘too big to fail’, while leaving SMEs

‘too small to succeed’.

 Over the past 50 years, the SME policy has evolved or changed depending on economic conditions and business environment.

- More specifically, the SME policy of Korea, as a

part of industry policy, has been evolved over

time reflecting the changes in political, economic and social factors.

- Such factors were the goals and principles of economic and industrial policies, the external and internal changes of business environment, capabilities of SMEs, SMEs’ relationship with LEs, and the gap between LEs and SMEs.

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2.2 Overview of SME Policy

Supporting SMEs’ Activities

Supporting Measures

Implementation through Public Organizations

Implementation through Private Organizations

Cooperatives Interest groups Universities Public agencies

Public universities Public research labs

Technology HR Startup Market Upgrading

Infrastructure Procurement Information, etc Taxation

Education/Training Consulting

Funds

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2.3 Targets and Measures of SME Policy

Conversion

& Transfer

Exit &

Restart

Succession

Startup HR

development

R&D Tech. dev.

Overseas activities

Sole proprietor of creative businesses

Others Micro enterprises

Innovative firms

High potential

Knowledge -based

Underdeveloped Growth &

Stability

Consulting Funds

Tax prefer- ences

Education Training

Infrastructure

Objectives and/or Targets Tools or Measures

Information

Procurement

Others

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2.4 SME Supporting Programs

Startup Funds Tech. Dev.

HR

* Tech-based * Infrastructure * Building role model * Knowledge-based

* Re-startup * Business conversion

* Loans * Credit guarantee

* Financing * Capacity building * Infrastructure * ICT-oriented * Tech. protection

* Attraction * Development * Retaining

* Capacity building * Incubators * Loans

Export

* Business diagnosis * Experts

Consulting

* Education * Consulting * Information * Business improvement * Cooperation * Restart

* Conventional market * Funds

Micro

* Women & Disabled: startup, education, funds, procurement, infrastructure, etc.

Underdeveloped

* Innovative SMEs * High potentials * Superior green businesses, etc.

Certification

* Public procurement * Marketing

Market

Source: MSS (2016) 11

• More than 200 promotion programs by Central Government

• More than 1,000 promotion programs by Local Governments

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2.5 SME Supporting Agencies

MSS

4 Divisions

12 Regional Offices

5 Offices

3 Meister high schools 1,323 staffs 8,537 billion KRW

SBC SEMAS

TIPA KISED

KVIC SBDC

Public/Privat e

Organiza- tions

Local Governments

KODIT

Kibo

KOREG Other Ministries

SMEs

MSS operates 9 affiliated institu- tions to perform specific functions:

- Korea Federation of Credit

Guarantee Foundations (KOREG);

- Small and medium Business Corporation (SBC);

- Korea Technology and Informa- tion

Promotion Agency (TIPA);

- Small Business Distribution Cen- ter

(SBDC);

- Small Enterprises and Marketing Services (SEMAS);

- Korea Institute of Start-up and Entrepreneurship Development (KISED);

- Korea Venture Investment Corporation (KVIC);

- Korea Small Business Institute (KOSBI);

- Korea Technology Finance Corporation (KIbo)

KOSBI

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2.6 SME Legislations

• 「 Industrial Bank of Korea Act 」 (1961)

• 「 SME Cooperatives Act 」 (1961)

• 「 SME Basic Act 」 (1966)

• 「 Credit Guarantee Fund Act 」 (1974)

• 「 SME Start-up Promotion Act 」 (1986)

• 「 Special Act on Deregulation for Business Activities 」 (1993)

• 「 Act on SME Promotion and SME Product Purchase Promo- tion」

(1994)

• 「 Act on Balanced Regional Development and Promotion of Regional SMEs 」 (1994)

• 「 Act on Special Measures for Venture Business Promo- tion」

(1997)

• 「 Act on Special Measures for Supporting Small Busi- nesses」

(1997)

• 「 Act on Support for Women Enterprises 」 (1999)

• 「 Regional Credit Guarantee Foundation Act 」 (1999)

• 「 SME Technology Innovation Promotion Act 」 (2001)

• 「 Special Act on SME Human Resource Promotion 」 (2003)

• 「 Special Act on Promotion of Conventional Market 」 (2004)

• 「 Act on Promoting Business Activities of Handi- capped」

(2005)

• 「 Act on Promoting Cooperation of LEs and SMEs 」 (2006)

• 「 Special Act on Promoting SME Business Conver- sion」 (2006)

• 「 Act on Promotion for SMEs Product Purchase and Market」

(2009)

• 「 Distribution Industry Development Act 」 (2010)

• 「 Act on Promoting a Win-Win Relationship between LEs and

SMEs」 ('Act on Coexistence') amended (2010)

• 「 Act on Promotion Proprietor Creative Businesses 」 (2011)

• 「 Special Act for High Potentials 」 (2013)

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2.7 Startup Supporting Programs

14 Idea/Tech

-based

Infrastructure Building role

model

Knowledge -based

Re-startup

* Youth Startup Academy * Tailed Startup program * Tying startup with leading ventures

* Global youth Startup * Startup leading Colleges * Startup leagues

* Identifying and cultivating Startups cooperating with private sector , etc.

* Internship for startups * Youth Bizcool * Startup Academy * Startup Graduate School * College Entrepreneur Center * Senior Startup * Startup Incubators

* SOHO startup system * Fund of funds for SMEs, etc.

* ICT-based knowledge service startups * Application & Contents startups

* Smart global startups * Well-being startups * Sole Proprietor business center

* etc.

* Re-startup * Roadmap consulting * Restart consulting

* Tec. Dev. funds for re-starters * Marketplace for SMEs’ assets, etc.

Micro businesses * Education programs * Information provision * Consulting * Re-startup

* Funds, etc.

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2.8 SME Supporting Agencies

15 SBC

KISED

SEMAS

• Established in January 1979

• SBC operates financial and non-financial programs for SMEs.

• Through financial programs, SBC provides financing for SMEs to expand operations, develop new products and convert their business structures.

• With advisory programs including consulting, training, marketing and global

cooperation programs, SBC supports SMEs to enhance their global competitiveness

• Established in March 10, 2000 as the Korea Business Incubator Center Foundation

• Start-up education

• Expansion of start-up infrastructure

• Commercialization of global start-up

• Fostering of knowledge service business and smart start-up

• Start-up survey and research analysis

• Development of start-up atmosphere.

• Established in March 15, 2005

• Support information & training for modernized management of micro enterprises &

traditional markets

• Operate broadcasting to help business startup & to provide information

• Promote group purchases and establish a distribution center for cooperation & systemization

• Issue gift certificates and foster cultural tourism-type markets

• Survey and develop policies to promote micro-enterprises & traditional markets

SBC: Small & Medium Business Corporation, KISED: Korea Institute of Startup & Entrepreneurship Development, SEMAS: Small Enterprise and Market Service

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Part 3. Cooperation between

Korea and Italy SMEs

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3.1 Why cooperation?

 Cooperation is important because it allows people and groups to work together to achieve a common goal or derive mutual benefits.

 Cooperation exists at many levels and takes place between individuals, firms and organizations as well as between states and countries.

 Cooperation allows participants to exchange valuable information that helps both sides improve their knowledge bases and work in a time- and resource-efficient manner.

 Motivations of businesses to commit international cooperation are:

① to make up the weak points;

② to realize competitive advantages;

③ to improve the market position;

④ to identify new opportunities;

⑤ to promote synergy effects.

 Awareness, Understanding, Trust, Consistent implementation, Dissemination

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3.2 Efficient and Effective Cooperation

1. Identify common interests and issues

2. Determine where to give priority

3. Secure methods of cooperation and channels

4. Build an effective system for cooperation

5. Implement, Dissemination, Monitoring, …….

The SME Sector

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3.3 Overview of Korea and Italy

Korea Italy

Population 51,9446,201 (27th) 62,007,540 (23rd)

Area 100,210 km²(107th) 301,338 km² (71st)

GDP (nominal, 2016) $1,498 trillion (11th) $1,850 trillion (8th)

GDP per capita $29,114 (27th) $30,507 (25th)

National competitiveness 26th(WEF)

29th (IMD) 43th (WEF)

44th (IMD)

Global Talent Competitiveness (INSEAD) 29th 40th

Ease of doing business ranking (World

Bank) 5th 50th

Global 500 (Fortune) 15 7

Economic Freedom (Heritage) 23th 79th

Corruption Perception Index (TI) 53th 62th

 Korea and Italy belong to a group of countries with relatively large scale of economies.

- Italy and Korea ranked 8^th and 11^th, respectively in the volume of GDP in 2016.

 In some ways, their performances were recognized (far) below the rankings of such statistics.

- Competitiveness, Economic Freedom, Doing business, and Corruption perception for Italy - Corruption perception for Korea

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3.4 Economic Performances of SMEs of Korea and Italy

 Korea’s economic growth markedly deteriorated after the global economic crisis.

- Italy’ growth rates have never caught up with EU average rates in 2010s.

 Italy has recorded higher unemployment rate and lower employment rates for all age groups.

Real GDP forecast, Annual growth rate (%)

2010 2011 2012 2013 2014 2015 2016 2017 2018

-4 -2 0 2 4 6 8

Korea Italy OECD

Source: OECD Economic Outlook: Statistics and Projections

Employment rate by age group (%), 2016

15~24 year-olds 25~54 year-olds 55~64 year-olds 0

10 20 30 40 50 60 70

80 Korea Italy EU28 OECD

Source: OECD Data

Korea Italy EU Unemployment rate,

Total, % of labour force, 2016

3.7% 11.7% 8.5%

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3.5 R&D Activities of Korea and Italy

 Korea’ R&D expenditure, % of GDP, was 4.232 in 2016, which was more than twice that of EU 28.

- Recently its efficiency and effectiveness have become the

center of attention.

 Business R&D expenditures by SME are far lower than those of LEs.

Gross domestic spending on R&D, % of GDP 2016

Source: OECD Data

Korea

2015 Italy

2014

0~249 11,277,347 3,412,618

250~ 42,476,982 9,013,548

Total 53,754,329 12,426,166

Business enterprise R&D expenditure by size

Source: OECD.Stat

Unit: US Dollar, Millions

0 0.5 1 1.5 2 2.5 3 3.5 4

4.5 4.23

1.33

1.96

2.38

Korea Italy EU 28 OECD total

Business enterprise R&D expenditure by size, %

Korea Italy

0 20 40 60 80 100

21 27.5

79 72.5

250~

0~249

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3.6 Profile of Italy’s SMEs

 Italy’s SBA profile is weaker than that of most other EU countries. (European Commission)

- Only in Internationalisation does the country score above and in Skills & innovation in line with the EU average.

- In all other SBA domains Italy scores below the EU average.

Source: 2016 SBA Fact Sheet — Italy

 State support for SMEs in Italy is fragmented and hampered by a lack of efficient industrial policies, both on local and national levels.

 The tax burden for Italy’s SMEs is heavy and responsible for the fact that SMEs are not growing in size and productivity.

 A static labour market together with a backward education system, a lack of skills and know-how will make sure that Italian SMEs continue to struggle in the years ahead.

Source: Italy and Japan: How Similar Are They?

pp. 235-243

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3.7 Some Key Issues of SMEs

 Absolute high shares in number

- but lower shares of employment, even lower shares of

production and added value

 Micro businesses are dominant in number among SMEs.

 Hard to find SMEs keep growing

 SMEs do not contribute much to provide quality jobs.

- less startups in technology-based and knowledge- based

- very few SMEs are growing

 SMEs’ low share in exports and limited number of SME exporters

 Export markets are not diversified.

- not active, limited number

 Asia and EU are major export markets for SMEs of Ko- rea and Italy, respectively.

- cost, uncertainty, regulation, etc.

 Low share and limited number of SMEs invested in R&D

North Americ

a

South Americ

a

Afric a

Asia Euro

pe

Korea Italy

All sizes 525,580.0 457,440.0 0~9 employees 25,330.1 26,304.6 10~49 employees 28,984.9 78,553.4 50~249 employees 53,469.3 128,152.0 250 employees or more 417,795.0 200,620.0

Export by business size, Million US dollars, 2015

Source: OECD Data

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3.8 Priority of Cooperation

 SMEs shares: Number > Employment > Production & Value added > Exports > R&D investments

 SMEs not growing: no quality job creators -> High rate of unemployment

 Creating more jobs is one of the most urgent and important issue to both countries.

 Facilitating innovation (R&D investment) and/or Promoting export -> SMEs growing -> Quality job cre- ation -> Lower rate of unemployment

Private sector SMEs Issues Needs

More jobs, preferably high paying jobs needed

More startups and More

growing SMEs

• Boosting startup

• Lower business failure rate

• Facilitating R&D

investment and Innovation

• Promoting Ex- port

and Globaliza- tion

• Information

• Knowledge

• Education

• Training

• Financing

• Taxation

• Consulting

• Policies

• Administration

• Others

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3.9 Related Sectors for Cooperation

Business organizations

Public Organizations

SME

Groups of SMEs

Business organizations

Public Organizations

Promoted and monitored by Embassies and SMEs Ministries

Research institutes

Research institutes SME

Groups of SMEs

Strategic alliances Joint

activities

Information sharing

Facilitating cooperation Information

sharing Dissemination

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3.10 Export Supporting Organizations in Korea (1)

Profile

KITA

The Korea International Trade Association(KITA) was established in 1946 with the objective of advanc- ing the Korean economy through trade, and is currently the largest business organization in Ko- rea with over 70,000 member companies. Representing the interests of Korea's global traders, KITA serves a diverse range of roles including:

providing hands-on support to trade companies, drawing trade cooperation from the private sector, formulating new trade strategies, nurturing trade professionals and building trade infrastructure.

With a widely established network of 13 domestic offices and 15 overseas branches in major cities, KITA has consolidated its position as a leading business organization dedicated to assisting SMEs in gaining foreign market entry and has actively contributed towards Korea's recent achieve- ment of 1 trillion dollars in trade volume.

KOTRA

Korea Trade-Investment Promotion Agency (KOTRA) was established in 1962 to contribute to the development of the national economy by performing work such as trade promotion, investment between domestic and foreign companies and support of industrial technology cooperation etc. It has a widely established network of 127 overseas offices in major cities.

Main functions and roles are:

• Expanding medium and small-sized enterprises’ business in overseas markets;

• Supporting small-sized enterprises (SME) to extend their business abroad;

• Overseas market information production, spread and consulting;

• Attract foreign investment;

• SME Global Business Training and attracting foreign professionals;

• Improving national brand, supporting international development cooperation, supporting munitions trade;

• Performing projects accepted by the government.

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Profile

SBC

The Small & medium Business Corporation (SBC), established in 1995, is a non-profit, govern- ment-funded organization established to implement government policies and programs for the sound growth and development of Korean SMEs.

To achieve its purpose, SBC operates financial and non-financial programs for SMEs. Through financial programs, SBC provides financing for SMEs to expand operations, develop new products and convert their business structures. With advisory programs including consulting, training, marketing and global cooperation programs, SBC supports SMEs to enhance their global competitiveness

Specialized and comprehensive assistance is provided for small but competitive SMEs to facilitate entry into global markets.

K-Sure

Korea Trade Insurance Corporation was established in July 1992 upon the Trade Insurance Act for the goal of promoting trade and overseas investment of Korean enterprises with the mission to boost the national competitiveness. As the official export credit agency under the Ministry of Trade, Industry and Energy, our business scope is as follows:

Operation of various trade insurance programs to cover the risks arising from the export and import of goods and services, overseas construction works and investments, management of foreign exchange (FX) and interest rate fluctuations, export of cultural contents and services, and other overseas transactions

Provision of credit related services including credit research and credit information management in addition to debt recovery services including the collection of overseas receivables for Korean enterprises

Realization of the vision to become a "public corporation trusted by the people of Korea“ with empha- sis on customer satisfaction assurance by implementing ethical and innovative management based on the principles of integrity, transparency, sharing, and communication

Sound management of the ‘Trade Insurance Fund’ through the trade insurance underwriting ceiling approved by the National Assembly and the integrated risk management system

Cf. SME Export Support Venter by Ministry of SMEs and Startups (MSS)

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3.10 Export Supporting Organizations in

Korea (2)

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3.11 Export Supporting Programs for SMEs

Type of support KOTRA SBC KITA

Business & Marketing • Business Trip Support

• Trade delegation support

• Overseas exhibition

• Overseas branch office

• Export incubators • Trade delegation dispatch

Consulting • Trade investment consulting

• Export consulting • FTA consulting • On-spot consulting Matchmaking • Global partnering support • Global buyer matchmaking

support • Online business matching

support Networking • Overseas distribution net-

work building • International industry cooperation support

• Overseas private network utilization

• Global buyer conference

Online marketing • B2B online marketing sup-

port • Online export support • B2C sales support

Export beginner support • Export support for startups

• Export beginner support • Export beginner consulting

• Local SMEs’ export marketing support

• Trade beginner consulting

Education & Training, etc. • KOTRA Academy

• Global market research

• Export voucher

• SME Export Academy • Trade Academy

• Kita.net

• tradeKorea

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3.12 Tentative Schedule for Further Development

2017.1 0

2017.1 2

2018

 More sophisticated proposal prepared and supported by MSS and Korea Embassy

 Presentaion

 Discussions

 Knowledge sharing with experts in Italy

 Proposal & Plan

 Implementation &

Dissemination

 Monitoring & Feedback

 Expansion

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SMEs and SME Policy in Korea