The global economic analysis describes South Korea as an economic miracle. This observation stems out of the Korean development experiences which come from its spectacular success in the face of major economic showdown in China and United States, Korea's main trading partners.
SMEs in South Korea have been the backbone of development. In the 2010's, SMEs had 58.8% of the ratio of contribution to employment, which showed that they played a central role to increase employment. Their contribution ratio in production and value added were respectively 36.2% and 49.6%, which also show the importance of SMEs for the Korean economy. Today, SMEs in Korea represent almost 98% of all enterprises employing 90% of the entire economically active population.
Sharing Prosperity with Customers
SME WORLD Chief Editor Rajen Kumar was in South Korea recently and met a few SMEs. One of them was Ehwha Glotech on the outskirts of Seoul, the capital city of South Korea. Ehwha Glotech, the manufacturer of textile machinery, made its bow in 1957 when Korea's textile machinery industry was in its infancy. Sixty years down the line, Ehwha is all set to become a global leader in textile machinery powered by unmatched quality, zero-error service and top-of-the-line technology.
“Our collective passion and wisdown makes Ehwha Glotech a company where dreams are born,” says B. S. Chung, the Chairman and CEO, Ehwha Glotech, “Our spirit of challenge and creativity makes our hard-work worthwhile to spread out our business territories”. Ehwha's laudable business philosophy - 'share prosperity with customers' – is ingrained in its business practices. “We are not necessarily here to create better products. We ask ourselves what values our customers seek for a better world,” says Chung thoughtfully with a sense of pride.
This story is from the February 2017 edition of SME World.
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This story is from the February 2017 edition of SME World.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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