Multinationals Rush to Korea'First conquer Korea to win the Asian market.'
Plenty of world-renowned multi-national business groups have been rushing to the Korean market recently.
Personnel expenditures are cheaper than in Japan; skilled workers, technology and infrastructure are superior to China and Southeast Asian countries.
These foreign or international groups are investing heavily in manpower and capital in the automobile, heavy industries, chemical, and pulp and paper industries.
Doctor Choi Bong from the Samsung Economic Research Institute(SERI) evaluated the trend, 'After the International Monetary Fund bailout system was introduced to the Korean economy, the total price of domestic groups' companies became cheaper so external hands were more interested in buying out those groups.'
A source from the Ministry of Finance and Economy said, 'With a better understanding of Korea's economic open-door policy, foreign investment in Korea this year will reach 20 billion dollars which is twice that of 1998's.'
As a substitute to Japan, foreigners are eager to acquire a greater position in Korea which boasts an affluent population and a growing market size.
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