SPP Market to grow in Korea, as KEPCO support SMEs with global growth in mind

Korea Electric Power Corporation (KEPCO) have been decisive and said that it will step up efforts to support small and mid-sized enterprises (SME) this year.

This week, the government-backed power company held a meeting with 500 executives of local SMEs and laid out a policy for their co-development and held discussions on finding future goals.

Under the plan, the power company will guarantee 5 trillion won worth of projects for SMEs this year. It will also give them direct financial support of 120 billion won. Between 2007 to last year, KEPCO was able to grant 538 billion won to SMEs.

For research and development funding, it will increase the limit to 1 billion won from the previous 500 million won.

Another major initiative is to expand SMEs’ expansion to overseas markets and the power company is planning seven major projects abroad to help them gain buyers. SMEs under KEPCO’s supervision have exported $81.6 million of equipment since 2010. Those who show strong performances will receive a guarantee from the government as a reliable brand when meeting overseas buyers.

“We are fully committed to helping SMEs trying to break into the local and global market,” said a KEPCO spokesman.

For companies that are competitive but unregistered and unrecognized, it will hold a mall event where they can exhibit their products for interested buyers and KEPCO.

“KEPCO will continue to work for joint development with SMEs through dialogue and mutual trust that will all come together to build a legend that, together we never fail,” KEPCO president Cho Hwan-eik said at a ceremony attended by some 500 people from the government and businesses, including Yoo Jang-hee, head of the National Commission for Corporate Partnership.