South Korea extends market protection for small rice cake makers

South Korea's Ministry of SMEs and Startups has decided to extend protection for small businesses manufacturing tteokguk tteok (rice cake soup rice cakes) and tteokbokki tteok (stir-fried rice cake rice cakes) for another five years. The decision, made by the Livelihood-Appropriate Business Deliberation Committee, aims to safeguard the survival rights of small business owners and create a stable operating environment.

This designation, established under the Special Act on the Designation of Livelihood-Appropriate Businesses for Small Business Owners in 2018, prevents large corporations from expanding their market share or entering the production of these specific rice cake products. The move is intended to ensure that small-scale manufacturers can continue to thrive in the market.

The decision reflects a continued effort by the South Korean government to support its small and medium-sized enterprises against competition from larger conglomerates, particularly in sectors where small businesses have traditionally dominated.