S.Korea to launch first cyber office for small, medium businesses

South Korea's Minister of SMEs and Startups Lee Young on Monday said the country will launch its 18th office for small and medium enterprises (SME) in cyberspace at a news conference to mark her first year in office at the Glad Hotel Yeouido Seoul in the capital's Yeouido district.

The ministry has SME offices in the nation's 17 cities and provinces, and she announced the launch of the 18th this year in cyberspace. 

"The number of startups run by companies manageable only through the digital economy is rising," she said. "The country's 18th SME office will be the 'Digital SME Administration.'"

"We plan to form a venture valley like Pangyo (the nation's Silicon Valley) in the cyber world," she added. "Foreign businesses will also move in there."

The minister also said both proposals are part of the forthcoming release of a comprehensive "Startup Korea" policy.

More efforts will go toward raising the exports of SMEs. "We will complete securing a quota by year's end by launching a new office for small and medium ventures at embassies abroad," the minister said.

The ministry has global business centers (GBC) worldwide to help domestic SMEs advance overseas. Registered since 2008 as affiliates of the Korea Trade-Investment Promotion Agency, GBCs have reported inconveniences in business operations by domestic companies.

"We've had cases of export SMEs moving into GBCs but the latter are classified as diplomatic missions, not businesses, due to their nature" the minister said. "We're aware of this problem in our ongoing negotiations."

Write to Hyung-Chang Choi at calling@hankyung.com