The transition of the New Economy in the early 21st century created an atmosphere that entrepreneurs and SMEs became the crucial engine of economic growth. It was conjectured that such trends brought about various changes in the global business environment. These changes include technological changes, employment flexibility, consumer diversity, deregulation, privatization, and entrepreneurial activities.
The importance of SMEs cannot be overemphasized by the Korean economy and the level playing field presents challenges and new opportunities to Korean SMEs in competing on the global stage. Recognizing this kind of paradigm shift for SMEs, the Korean Government has set its policy priority towards SMEs. It has put the SME policy goal on establishing vibrant and creative SMEs as the driving force for economic growth engines and job creation. In order words, the government plays a key role in providing an appropriate environment for SMEs to meet the challenges and make use of new opportunities.
A case in point is the expansion of EID the first Halal Certified Korean Restaurant at Iteawon located nearby the Mosque in Seoul, managed by a Korean Muslim family. According to the owner, Hyunwoo that his two young sons, Saad and Said with the assistance of his daughter-in-law, Nadia have been very busy managing four Eid Restaurants in Malaysia, namely at Bangi, Shah Alam, My Place in Subang Jaya, and Tamarind Square in Cyberjaya. Hyunwoo said his son, Said who graduated with a Master's degree in Islamic Finance from International Islamic University Malaysia, found the potential of authentic Korean Halal cuisine in Kuala Lumpur. He went on to say that “The spillover of business contributed well to my chain of restaurants in Seoul when their customers and friends in Malaysia came to visit Korea.”
There are many Arabic, Indian, Indonesian, Pakistani, and Turkish Halal restaurants in Seoul, especially in the Itaewon area, but authentic Malaysian Halal cuisine is not visible. Therefore, a reciprocal effort must be initiated by SMEs in Malaysia to venture into F&B and other potential businesses in Korea.
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