Seoul, Sept. 5 -- Only four out of every 10,000 small- and medium-sized enterprises (SMEs) advance to mid-market status. Business leaders and Industry chambers advocate the need for reforms for corporate growth, as per a report by Pulse, the English service of Maeil Business Newspaper Korea.

Speaking at the launch of the Corporate Growth Forum in Seoul on Thursday, Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won called for regulatory reform, stating that step-by-step regulations imposed at each growth stage are choking momentum.

"As long as these size-based rules remain, some firms choose to stay small or even split operations to avoid moving up and facing more restrictions," Pulse quoted Chey.

Citing data from KCCI...