“Tap Electronics” was awarded a certificate for SME in the Export section on December 31, 2021. This 2 year benefit is given to SME’s who promote their products in different countries to help expand the “Korean Wave” and enhance the reputation and competitiveness of Korean companies.
“Tap Electronics” was chosen among the Top 10 new SME’s specializing in export. S.M.E. stands for Small and Medium-sized Business Enterprises. The SME’s are the driving force in the South Korean economy. In 2017, these companies employed 16 million people which accounted for 99.9% of the national employment figures. They also provide income for 89.8% of the workforce and 34% of the export companies are in this category.
The workforce of South Korea can be divided into 4 categories. (1) micro-businesses. (2) small businesses (3) medium-sized businesses. (4) large businesses. In 2019, 109,000 new SME’s were created. And there were 95,000 export SME’s with a combined total of over USD 100 billion in the same year. This was 18.6% of the export value in 2019.
There are 4 themes for the “Brand K” events and promotion. (1) collect-up – 300 new products to be added this year. (2) value -up – enhanced design and quality. (3) scale-up – combining Korean culture and music to reach more people. (4) win-win – showcase businesses to boost brand awareness.
So we can improve the Korean economy by promoting the “Brand K” marketplace by increasing the number of startups, adding more products, increasing the market share, and spreading the Korean wave all around the world.