December 12, 2001 17:32
Korean's favorite foreign company is McDonalds according to a recent survey published Wednesday, followed closely by Carrefour, Amway, Citibank, IBM, Renault and the Sony Corporation. The Korea Foreign Company Association (KOFA) surveyed 1000 adults in the country's five major cities prior to the first "Foreign Companies' Day" to be celebrated on December 18.
According to the results, 62% of respondents surveyed said they prefer foreign companies because of quality and service, strength in competitiveness, employment creation, and the quality of their products. At the same time, around 70% considered foreign businesses have contributed positively to the nation's economic development.
Considering the current situation of employment, those who have a preference to work for a foreign company far outnumbered those content with domestic ones at 52.6% to 24.1%.
However, 42% of respondents disagreed with more foreign companies jumping into the Korean market saying it could cause domestic companies to lose competitiveness and market share. Lee Sang-ryeol, vice president of KOFA noted that Korean people tended to have animosity against foreign companies in Korea, despite admitting the positive side of them doing business in and with the country.
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