Mid-sized firms call for regulation reforms to support biz 'scale-up'

SEOUL, Aug. 13 (Yonhap) -- Medium-sized companies face additional regulations and reduced benefits when they are designated a large enterprise, possibly preventing them from expanding their business, company officials said Wednesday, urging the government to streamline regulations to help them scale up their corporate value.

The renewed call came in a meeting with senior government officials, including the vice ministers of the finance and industry ministries, as well as the vice chairman of the Fair Trade Commission, according to government officials. From the private sector, 11 medium-sized firms from the manufacturing, food and other industries took part.

In particular, the companies underscored that regulations under the Fair Trade Act related to the designation of large business groups place a burden on medium-sized firms seeking to "scale up to larger entities," calling for efforts to ease such regulations.

They also called for an expansion of financial support for medium-sized enterprises and statistics infrastructure to help devise customized policies for such firms, according to the officials.

In response, the government officials said they will work to improve regulations that hinder the growth of medium-sized companies.

nyway@yna.co.kr
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