European chambers and business councils in Korea with Roland Berger Seoul released the results of the Business Confidence Survey 2017 at the press conference hosted at Seoul Square on January 30.
For the third year, the survey has been conducted to gauge European companies perceptions towards the business environment of Korea. In partnership with Roland Berger Seoul, the ECCK along with 11 other European chambers and business councils in Korea collectively organized the survey.
A total of 108 European company executives, representing over 30,000 employees and a total turnover of EUR 28 billion, participated in the survey held in November 2017. The company profile included various industries, diversely ranging from services to manufacturing to provide an unbiased viewpoint. Of the respondents, close to 70% have operated in Korea for more than a decade.
Overall, European companies viewed Korea as an important market. As reported in the survey, 44% of the respondents see an increasing importance of Korea in the company’s overall global strategy, while 47% replied the level of importance remains the same as before. Also, 54% of the responding companies are planning to expand their operations in 2018.
For European businesses, doing business in Korea remains challenging. Over 60% of the European executives answered that the business environment has become more challenging than two years ago. The respondents pinpointed the key challenges are rising labor costs and ambiguous rules & regulations.
ECCK hopes the survey serves as a useful tool for business people and policy makers to make future forward decisions for the mutual benefit of the Korean and European businesses.
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