Hanwha Qcells’ Dalton plant in Georgia, USA (Image courtesy of Yonhap)
SEOUL, July 31 (Korea Bizwire) — South Korea’s top 92 conglomerates now operate more than 6,360 overseas affiliates across 131 countries, with the United States accounting for the largest share at over 26%, according to a new report from the Korea CXO Institute released on Thursday.
The number of foreign subsidiaries grew by nearly 200 from last year’s total, underscoring a steady outward push among large Korean business groups. Hanwha Group led the expansion, increasing its overseas operations from 447 in 2021 to 833 this year, while SK Group followed with 618 affiliates, slightly down from last year’s 638. Samsung, once the leader in overseas operations, now holds third place with 563 entities abroad.
Other major groups with over 100 international subsidiaries include Hyundai Motor (450), CJ (411), LG (294), Lotte (202), and Naver (104), reflecting continued globalization in sectors from manufacturing to tech and finance.
The United States remains the primary destination, hosting 1,673 South Korean affiliates — up 83 from the previous year. America’s share of Korean overseas units rose from 22.1% in 2022 to 26.3% this year, driven by strategic shifts amid rising global trade tensions and U.S. market appeal.
Conversely, the presence in China, excluding Hong Kong, has declined, with the number of affiliates dropping to 808 — reducing its share from 15.9% to 12.7%. Other top destinations include Vietnam, Singapore, Japan, and India.
“The trend toward expanding into the U.S. is expected to strengthen, especially in light of tariff policies and global supply chain realignments,” said Oh Il-seon, head of the Korea CXO Institute. “Korean companies are also likely to reassess how they leverage their global assets in countries beyond the U.S.”
Ashley Song (ashley@koreabizwire.com)
