Protecting Small Businesses... 5-Year Extension on Restrictions for Large Corporations Entering Sliced Rice Cake and Tteokbokki Rice Cake Manufacturing

[Economy 365]

Restrictions on large corporations from newly entering or expanding their businesses in the manufacturing of sliced rice cakes (tteokguk-tteok) and tteokbokki rice cakes will be extended for another five years.

The Ministry of SMEs and Startups has re-designated the two sectors as livelihood-type suitable businesses, protecting them from September 16 of next year through September 15, 2031.

The livelihood-type suitable business system restricts large corporations from taking over businesses, newly entering, or expanding to protect small businesses.

However, the shipment allowance criteria for large corporations has been relaxed from 110% of the maximum level over the past 5 years to 120% of the maximum level over the past 10 years.

Products intended for export, original equipment manufacturing (OEM) for small and medium-sized enterprises, and products made from domestic rice or wheat will continue to receive unrestricted shipment approval as before.

*This article was produced with AI audio.
※ Please note: This article was translated by AI and may contain errors.