January 18, 2017 12:41
Six out of 10 European companies in Korea say business conditions have gotten worse, according to a survey by the European Chamber of Commerce in Korea on Tuesday.
Some 80 of the 132 CEOs polled said it is getting increasingly difficult to do business here, up from 68 in 2015. About one-third said conditions are much the same and only 14 feel they have improved.
Fewer European CEOs said Korea's strategic importance as a market is growing, down from about half in 2014 to just over one-third now.
Lee Soo-sung at German consulting firm Roland Berger, which conducted the survey for the ECCK, said, "Business sentiment among foreign businesses here is deteriorating, and this could prompt them to move their strategic focus to other Asian countries like China or Japan."
Most of the CEOs said Korea's slowing economic growth is the biggest turnoff and cited unclear or excessive red tape as the main obstacle to doing business here.
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