Published : 2013-10-22 20:10
Updated : 2013-10-22 20:10
South Korea’s customs agency said Tuesday that it will expand the floor size of stores run by small- and medium-sized enterprises in its duty-free areas as part of efforts to help boost their business performance.
Currently, the size of stores run by SMEs in the customs agency’s duty-free areas stands at 12 percent of the total but the Korea Customs Service said that it will increase the ratio to 25 percent by 2018.
The KCS also said that it will increase the ratio of products made by SMEs in Korean goods stores from the current 60 percent to 70 percent in the years to come.
The moves are part of the KCS’ push to support smaller companies doing business in customs-free areas mostly dominated by large conglomerates. (Yonhap News)