Agreement aims to stabilize operations and boost competitiveness of small businesses in Busan

DX, AX and other life-cycle support projects to be linked under the partnership

A view of the Small Enterprise and Market Service headquarters. [SEMAS]
A view of the Small Enterprise and Market Service headquarters. [SEMAS]

The Small Enterprise and Market Service announced Monday it will sign a comprehensive support governance MOU with the Busan Metropolitan Government.

The agreement is designed to link each institution's small-business support policies and projects to amplify their impact on local entrepreneurs. The two sides plan to share policy know-how and build a mutual cooperation framework.

Under the MOU, the two institutions will establish a cooperation framework covering life-cycle tailored support, business stabilization, and digital transformation (DX) and AI transformation (AX). They will also operate a joint communication channel.

The two sides will also work together on energy vouchers to ease the utility cost burden on small businesses in Busan. SEMAS will share its accumulated experience and expertise from running small-business support projects, while the city will draw on its own budget to provide energy vouchers directly to eligible businesses in the region.

The two institutions will share tailored information with eligible recipients to ensure vouchers are distributed promptly, and will cooperate on policy outreach.

SEMAS ran the "Burden Relief Credit" last year and is operating the "Small Business Management Stability Voucher" this year. The program provides a 250,000-won voucher to micro-businesses with annual sales below 104 million won that can be used for utility bills — including electricity, water and gas — national social insurance premiums, and vehicle fuel costs.

Recent small-business support policy has been broadening its scope beyond simple financing to include measures that reduce fixed operating costs such as utility bills. This MOU follows that approach, combining the project management experience of a central government public institution with the locally tailored support of a municipal government. The key is to link national support programs with regional initiatives so that small businesses can feel a tangible difference.

SEMAS and Busan plan to continue identifying additional areas of cooperation following the MOU signing and to expand the linkage of small-business support projects between public institutions and local governments.

SEMAS President In Tae-yeon said the agency would "continue to expand cooperation with local governments to identify support policies suited to regional conditions and build a mutually beneficial cooperation framework that businesses can feel on the ground."


boo@heraldcorp.com