A quasi-government panel on Tuesday designated 54 types of businesses as small- and medium-sized companies, a decision aimed at protecting them from business expansion by conglomerates.
The Korean Commission for Corporate Partnership said the new categories this year are stationary retail, tobacco wholesale, rice cakes for rice cake soup, woodchips and rental car service.
Of the 77 businesses that were due to be taken off the list, up to 49 industries including coffee bean and tofu production were reassigned as businesses that can be designated SMEs.
With this decision, large conglomerates are advised not to enter the designated markets or expand their businesses in the sector.
Up to 17 business sectors withdrew their applications or were turned down by the panel, including cosmetics retail, hospital beds and chartered bus service.
As for the controversial supermarket business, conglomerates and SMEs failed to reach an agreement. Along with supermarkets, the status of eight more businesses including stationary wholesale has been put on hold.
The KCCP also decided to add 19 companies, including Booyoung to the current list of 132 firms to evaluate their mutual growth index, which is used to rate how well they distribute their wealth with smaller firms.
