SMEs in South Korea - statistics & facts
Small and medium-sized enterprises (SMEs) represent an essential part of South Korea’s economy. They account for about 99.9 percent of all domestic enterprises and provide more than 80 percent of all national jobs. However, large business groups such as family-owned conglomerates (also known as chaebols) and other large companies, which comprise less than one percent of all companies in South Korea, generate more than half of the country’s total corporate profits. Furthermore, the productivity gap between large companies and SMEs is one of the largest among countries in the Organization for Economic Co-operation and Development (OECD). The South Korean government is working to enhance the competitiveness of SMEs and attract young job seekers, but the long-term effectiveness of these efforts remains to be seen.
