The lack of information and enough funds may be what is keeping many South Korean companies, especially small and medium-sized firms, from advancing into new overseas markets, a report said Thursday.

In a survey, 50 percent of 25 local firms polled said the lack of necessary information created a major hurdle to exploring new markets in other countries, according to the report from the Center for Large and Small Business Cooperation. The center is a non-profit organization run by the Federation of Korean Industries, the largest business lobby in South Korea.

The report said many small firms that do advance into an overseas market together with a large South Korean buyer also faced many difficulties, partly created by their reluctance or inability to find new, overseas buyers.

"More than 80 percent of small suppliers for large firms said they delivered 100 percent of their overseas output to their South Korean buyers also operating in other countries, meaning they are not making any efforts to ensure their own survival in those countries, such as finding new buyers," it said.

"Unless the smaller firms work to improve their own competitiveness in other countries, they may soon become a deadweight on large South Korean firms in overseas markets," the report added. (Yonhap)

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