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SMBA Inks Comprehensive MOU With MCT   

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SMBA and the Ministry of Culture, Sports & Tourism (MCT) concluded a comprehensive MOU on December 21 aimed at nurturing SMEs specialized in the fields of culture, sports and tourism.

The main elements of the MOU included revision of the Support for Small and Medium Enterprise Establishment Act; Expansion of Support for Tourism SMEs; Deployment of Cooperation Projects to Facilitate One-person Creative Enterprises; Spread of 'Reading Management' to SMEs; and Organization of a Policy Council on Cultivation of SMEs in Culture, Sports and Tourism Fields.

o Revision of the Support for Small and Medium Enterprise Establishment Act

SMBA and MCT agreed to revise the Act in a way to ease restrictions on investments in SMEs by business groups subject to limitations on cross-sharing stipulated in the Act in order to stimulate the participation of large enterprises in the content industry and for investment in low-profitability genres, such as cartoons, also to inject vitality by enabling SME transactions with major investors.

o Expansion of Support for Tourism SMEs

MCT requested that SMBA include tourism accommodation business, which was excluded from the application scope of the Act, in the targets for legal support, and SMBA agreed.

As the job creation effect of tourist hotels is high, MCT and SMBA also decided to study inclusion of tourism accommodation business in the targets for application of the Act on Support for Human Resources of Small and Medium Enterprises.

o Deployment of Cooperation Projects to Facilitate One-person Creative Enterprise

With the suggestion of legislation on the cultivation of one-person creative enterprises recently, SMBA and MCT agreed to mutually cooperate in the early enactment of the law and establish a close cooperative relationship when implementing various cultivation businesses, including support for commercialization of knowledge service ideas, holding one-person creative enterprise success forums, etc.

o Spread of Reading Management to SMEs

MCT decided to actively study support for disabled and foreign workers at small enterprises through culture voucher and culture sharing businesses for alienated classes.

To improve the SME reading environment, MCT and SMBA plan to select about 300 SMEs that are experiencing difficulties in purchasing professional and cultural books required at work sites, and support purchase of the books, including installation of reading rooms and provision of excellent books.

o Organization of a Policy Council on Cultivation of SMEs in Culture, Sports and Tourism Fields

SMBA and MCT also agreed to organize and operate a Policy Council on Cultivation of SMEs in Culture, Sports and Tourism Fields chaired by MCT's director-general for culture & content industry and SMBA's deputy administrator.

The policy council will be comprised of four teams, finance & investment support team, regulatory improvement support team, overseas advance support team and start-up management support team, with team members coming from the two organizations, Korea Creative Content Agency and Small & medium Business Corporation.

Through the council, the two organizations plan to improve site restrictions on SMEs for the game industry, improve content financing & investment environments from the fund of funds, support the overseas advance of SMEs' sporting goods, and identify and actively improve tasks associated with start-up management support businesses, including one-person creative enterprises.

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