Naver CEO Kim Sang-hun / Source: Newsis

With nearly 80 percent of the domestic market share for searches, the company announced that it will establish a foundation to bear all costs of operation and research for mutual growth with its small and medium partners.

On September 27, Naver CEO Kim Sang-hun made such announcement at the press conference held at the Korea Federation of Small and Medium Business in Seoul. Naver held the conference to explain to the Korea Federation of Retail Organization about 'Naver-SMEs Mutual Cooperation Organization' (tentative title).

Naver CEO Kim said, "Naver's main customers are small and medium-sized business owners rather than large companies. We will establish a permanent body to discuss and develop measures for small business owners as Naver's fateful partners. If small business owners agree in the form of a foundation, we will be able set up a preparatory committee within a month to establish a corporation. Naver will bear expenses entirely in order to solve conflict with SMEs."

The Korea Federation of Retail Organization welcomed the establishment of Naver's symbiosis foundation.

Choi Seung-jae, chairman of the Korea Federation of Retail Organization, said, "We welcome Naver's decision to establish a permanent body for small and medium-sized business owners. We will cooperate with Naver as much as possible, to create a symbiotic ecosystem online."

It was found that Naver is looking for its foundation office already.

CEO Kim said, "We will be taking part to the preparatory committee for the foundation establishment. Naver will give full financial support, but minimize the influence."

Prior to the press conference, Naver announced on the 24th that it will form a mutual growth body with SMEs and launch a preparatory committee so it can start its official activity by the end of this year.