business

SMEs Say Reunification Needed for Growth

July 23, 2015 11:25

Six out of 10 small and mid-sized business leaders in South Korea feel Korean reunification is necessary, according to a poll by the Korea Federation of Small and Medium Business.


Respondents said reunification would open a wide range of economic opportunities ranging from a larger workforce, and bigger domestic market to new business prospects.


The straw poll was conducted among 300 senior managers in small and mid-sized businesses.


Some 32.3 percent said reunification is very necessary and 26.3 percent somewhat necessary, resulting in 58.6 percent in favor.


Some 60.3 percent said access to more cheap yet highly-skilled labor would be a positive factor of reunification, while 59.7 percent felt it would lead to a larger domestic market. New business opportunities (46.7 percent) and access to the North's natural resources (31.7 percent) were also cited as potential benefits.


But when asked if they are preparing for reunification, an overwhelming 93.3 percent said no.


Byun Jae-yong at the federation said, "Many feel the need to prepare for reunification, but most SMEs don't have the resources to do so." Byun added that South Korean sanctions against North Korea are another reason.


Read this article in Korean

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