Chinese Business Presence in Korea Grows

      February 22, 2010 09:31

      The number of Chinese firms in South Korea has sharply increased. According to the National Tax Service on Sunday, the number of Chinese-owned and Chinese-invested enterprises stood at 445 in 2008, a 3.8-fold increase from 118 in 1998.

      This was the largest increase among foreign corporations operating here, whose total number grew 2.2-fold in the period.

      Chinese-owned enterprises are based in China with branches here, while Chinese-invested businesses are those in which Chinese companies or individuals have more than a 10 percent stake.

      The number of Chinese-owned firms increased from 40 in 1998 to 113 in 2008, and that of Chinese-invested businesses from 78 to 332.

      The number of Japanese firms, which account for the majority of foreign companies operating here, increased by a mere 1.9 times from 1,276 to 2,373.  American businesses increased 1.8 times from 1,034 to 1,854, German companies 2.2 times from 185 to 412; and British firms 1.7 times from 156 to 265.

      But the number of Chinese businesses dwindled in the wake of the global financial crisis from 524 in 2006 to 445 in 2008.

      By business sector, the majority or 289 Chinese firms were in wholesale and retail. This was followed by 43 manufacturers, 40 each in transport and communications and service businesses, and seven financial and insurance firms.

      Among Japanese firms most or 890 were in manufacturing and the majority, and 644 of American companies were in the service sector.

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