SMEs ministry designates 300 new century-long local businesses

The SMEs ministry said Monday it has designated 300 new local businesses as part of its initiative to foster merchants and artisans capable of sustaining operations for a century. The newly selected group comprises 150 Century Stores and 150 Century Artisans, chosen from a pool of 747 applicants nationwide.

Firms operating outside the Seoul metropolitan area accounted for 62.7 percent of the selections, totaling 188 companies. The selection process involved document reviews, on-site inspections and deliberations by a committee.

Since launching the program in 2018, the ministry has expanded the total roster of certified entities to 2,598, including 1,545 Century Stores and 1,053 Century Artisans. To qualify, Century Stores must have operated in sectors such as dining or retail for at least 30 years, while Century Artisans are required to possess skilled craftsmanship in manufacturing with a track record of 15 years or more.

Selected businesses will receive certification plaques and storyboards detailing their history and operational philosophy. The designation grants preferential access to policy funds and additional points when applying for government growth support projects.

To broaden consumer exposure, the ministry is strengthening cooperation with private and public partners including Lotte Wellfood, Korea Expressway Corp. and Korail Distribution. These collaborations aim to establish dedicated retail spaces, facilitate entry into online and offline platforms and organize special product exhibitions linked to national promotional festivals.

Lee Byung-kwon, the ministry's second vice minister, described the certified businesses as representative success models that have led local economies based on accumulated experience, technology and trust rather than mere age. He added that the government will continue to reinforce support for sales expansion, publicity and policy linkages.