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European firms in Korea report declining business sentiment for third straight year

Published: 24 Mar. 2025, 17:12

The cover of the ECCK's annual business confidence survey report [ECCK]

Business satisfaction and performance among European companies operating in Korea have declined for a third consecutive year, a recent survey showed Monday.

The annual business confidence survey for 2024-25, conducted by the European Chamber of Commerce in Korea (ECCK) of the CEOs of 139 European companies operating in Korea, showed that 45 percent of respondents had expressed satisfaction with their business performance in the country.

The poll was conducted jointly with 10 other European business chambers in Korea. The business satisfaction rates among respondents in 2022 and 2023 were recorded at 68 percent and 58 percent, respectively.

According to the poll, 62 percent of respondents said their market share had remained unchanged in 2024, while only 24 percent experienced growth, marking a sharp decline from 53 percent in 2022 and 38 percent the following year.

Looking forward, 36 percent of companies anticipated that Korea's importance in their global strategy would increase over the next two years, down from 59 percent in 2022 and 53 percent in 2023.

The survey also identified inconsistent enforcement of regulations as a major challenge facing European firms in Korea.

“Although uncertainties remain, European companies are optimistic that meaningful business opportunities can still be found in Korea,” the ECCK said.

Yonhap