Monday, June 06, 2005

Korea scraps plans to restructure service sector

South Korea has scrapped a plan targeting uncompetitive small businesses. Aimed at retailers, restaurants and beauty shops, the measures were intended to restructure a saturated service sector.

Critics of the plan claim that the government’s measures to restructure the service sector could lead to more social and economic costs in the long run.

The Presidential Commission on Small and Medium Enterprise announced the plans on May 31, angering many unemployed persons who consider the service sector to be an easy way of earning a living.

More details: The Korea Times