Law to protect SMEs to be revised

President Kim Dae-Jung held a Cabinet Council at Chong Wa Dae on Tuesday and voted in favor of proposals amending laws related to the protection of business territories of small- and medium-sized companies (SMEs) and reinforcing inter-company cooperation. As a result, 43 categories of businesses labeled as indigenous to SMEs such as manufacturing photo albums and stuffed toys will be lifted from September next year. The categories of business to be lifted from being labeled as indigenous to SMEs include 8 categories of business that rely 25% on imports, 14 categories of low quality and technology business and 21 categories with insignificant market volumes. Consequently, 237 categories of businesses designated as indigenous to SMEs -- a system that was first introduced in 1979 and peaked in 1989 -- will be reduced from the current 88 categories to 45.