No. of chaebol subsidiaries abroad hit 3,332 last year

The number of local subsidiaries established abroad by Korea’s 30 biggest business groups rose gradually in recent years, a report said Sunday, as they actively made inroads into overseas markets to survive keen competition.

The figure surged to 3,332 last year from 2,650 in 2013 and 3,053 in 2015, according to market researcher Chaebul.com.

By country, China accounted for the biggest share with 753 or 22.1 percent of the total.

China’s share has fallen gradually from 28.4 percent in 2011 and is expected to drop to less than 20 percent this year amid the Beijing government’s economic retaliation against Korea for Seoul’s deployment of the U.S.-led Terminal High Altitude Area Defense antimissile system despite Beijing’s objections.

The comparable figure for the United States climbed 51 to 473 last year from a year earlier. YONHAP