Business is getting more difficult in Korea: European companies

Business Confidence Survey 2022/23 released Thursday [EUROPEAN CHAMBER OF COMMERCE IN KOREA]

More than half of European companies operating in Korea found that doing business became more difficult over the past two years, according to a survey by the European chambers of commerce released Thursday.

The European Chamber of Commerce in Korea (ECCK) and ten other European chambers and business councils published the annual Business Confidence Survey 2022/23.

A total of 184 CEOs of European companies in Korea participated in the survey conducted in January, said the ECCK.

The survey found nearly six out of 10 companies felt that Korean business operations are gaining significance.

Of the total, 53 percent of the companies answered that doing business in Korea has become more difficult in the past two years. The proportion of companies expecting that the government will implement meaningful reforms increased from 2021’s 13 percent to 19 percent in 2022.

About 68 percent of companies answered that they are either ‘content’ or ‘very content’ with their business performance last year, down from 71 percent in 2021.

However, for this year, the business outlook forecasts came out mixed, as 24 percent of the companies are optimistic while 28 percent are pessimistic. Still, 55 percent of the companies plan to increase their investment or operational spending.

The Business Confidence Survey has been published annually since 2014.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]