SEJONG, Feb. 5 (Yonhap) -- The government will seek deregulations and provide policy and financial supports to nurture midsized firms, which are regarded as being critical for creating quality jobs and boosting innovative growth, the commerce ministry said Monday.
According to the ministry, the number of midsized firms will increase to 5,500 by 2022, with some 130,000 new jobs expected to be offered by such enterprises.
The midsized firms, usually defined as the ones with annual revenue of between 40 billion won (US$36.7 million) and 150 billion won, hold assets ranging from 500 billion won to 10 trillion won.
"The government will provide full support for midsized firms so that they emerge as global players," Commerce Minister Paik Un-gyu said during a meeting with senior officials.
In particular, a set of policy measures are in store for firms whose spending on research and development is large, and the government will unveil plans to help midsized firms go overseas, according to the ministry.
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