Poor Business Environment for Women Entrepreneurs... South Korea Ranks 43rd Among 77 Countries

[Asia Economy Reporter Moon Hyewon] A survey has revealed that the environment for women-owned businesses in South Korea is worse than in countries with smaller economies than ours.

The Korea Women Entrepreneurs Association announced on the 4th that, based on global indicators related to women-owned businesses, South Korea ranked in the lower tier in a comparative survey of the business environment for women entrepreneurs by country.

According to the association, among the 77 countries surveyed for the Female Entrepreneurship Index (FEI), South Korea ranked 43rd. Among the 190 countries surveyed for Women, Business and the Law (WBL), it ranked 57th, and among the 50 countries surveyed for the Women Entrepreneurs Cities Index (WE Cities), it ranked 41st.

In particular, the Market Inclusivity for Women Entrepreneurs (MIWE) index showed South Korea ranking 36th, trailing behind countries with relatively smaller economies such as Hungary, Thailand, and Chile.

Among the surveyed countries, South Korea is the only country besides the United States to have enacted the 'Act on Supporting Women-Owned Businesses,' systematically implementing policies for women entrepreneurs.

An official from the association stated, "This survey revealed a lack of substantial investment and attention tailored to the characteristics of women-owned businesses," adding, "We plan to propose effective policies to the government to foster quality growth of women-owned businesses."

The policies envisioned by the association include ▲ systematic education services to cultivate female entrepreneurship ▲ establishing a women entrepreneurs ambassador group similar to those in Europe ▲ developing multifaceted networking programs ▲ creating women-friendly spaces ▲ and opening promotional channels for women entrepreneurs.

This content was produced with the assistance of AI translation services.