Over Half of European Companies in S. Korea to Increase Investment This Year | Be Korea-savvy

Over Half of European Companies in S. Korea to Increase Investment This Year

(image: Korea Bizwire)

(image: Korea Bizwire)

SEOUL, Feb. 23 (Korea Bizwire)More than half of European companies based in South Korea intend to increase investment this year from last year, with nearly every seven out of 10 showing satisfaction in doing business here, a poll showed Thursday.

Fifty-five percent of the companies said they plan to increase investment or operational expenses in 2023, according to the latest business confidence survey conducted on 184 CEOs by the European Chamber of Commerce in Korea (ECCK) and the Korean-German Chamber of Commerce and Industry.

The respondents represent over 60,000 employees and a total turnover of 61 billion euros, the ECCK said.

Of them, 68 percent said they were either “very content” or “content” with doing business in South Korea last year, a slight drop from 71 percent in 2021, with 53 percent saying they intend to increase their workforce.

More than 60 percent of the respondents said they reported more than 5 percent growth in the annual sales in 2022 compared with the previous year, while 21 percent said they maintained a similar level.

The Korean market continues to be an important market for European companies in terms of their global strategies, they said.

The survey also found that 19 percent of the European companies expect the government of President Yoon Suk Yeol will implement “meaningful” business-friendly reforms, a rise from 13 percent in 2021.

The number of businesses that expect no significant reforms also dropped to 28 percent last year from 44 percent in 2021.

The ECCK has been conducting the annual business confidence survey since 2014. The majority of the participating companies, ranging from services to manufacturing, have been active in Korea for more than a decade.


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