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Survey results for the top 50 countries by investment
Countries investing in Korea rated the overall business environment as excellent, but a survey found they were dissatisfied with the working environment and administrative attitude of political authorities.
The National Federation of Entrepreneurs (Ex Convulsions) announced on the 30th that the result of the “ Korea Business Environment Survey ” conducted with trade and investment officials in Korea and the Chamber of Commerce in the top 50 countries investing in Korea has shown the same result.
The survey was conducted by phone and email for four weeks from 12 October to 6 November, with 42% of 50 countries responding. The response rate based on the top 20 countries with investments over 100 million dollars (approximately 110 billion won) was 50%.
Following the survey, it was found that the overall assessment of the Korean business environment was good, but the level of satisfaction was low in the sense of sectoral regulatory changes.
According to the survey results, 71.4% of respondents rated the global economic environment in Korea as excellent.
These are the main reasons why companies from their countries invest in Korea △ The attractiveness and growth potential of the domestic market (46.0%) △ Expanded collaboration with large Korean companies with global recognition (22.2%) △ Advanced information and communication technology (IT) and industrial infrastructure (15.9%).
76.2% of respondents said they recommend Korea to their companies considering overseas expansion.
However, satisfaction with the degree of regulatory change was low.
When asked about the regulatory changes in the tax environment over the past three years, △ has deteriorated significantly (5.3%) or worse (47.4%) by △ unchanged (36.8%) or improved (10.5%) %).
Regarding the working environment, the respondents who chose △ much worse (21.1%) and worse (47.4%) represented almost 70% of the total. This response is more than double the number of unchanged △ (26.3%) and improvement (5.3%) combined.
In addition, when asked about the system that has affected the business over the past three years, answers were given such as the corporate tax reduction benefits for foreign-owned companies that were abolished last year, the implementation a 52-hour weekly system and an increase in the minimum wage.
The satisfaction rate of the policy authorities who responded to the request for resolution of the difficulties of the affiliated companies was respectively 50% and 45%, with △ normal (40-60 points) and △ satisfied (60-80 points).
However, the most common response was “willingness to solve negative difficulties” (42.9%) when asked which areas to improve. This was followed by △ lack of policy coherence (17.9%), △ frequent manager changes’ (17.9%) and △ complex resolution procedures due to redundant regulations (14.3%).
When asked what is most needed to improve the Korean business environment, 34.9% of respondents cited “complex administrative procedures and bureaucratic disruptions”. This was followed by △ Improvement of excessive regulation (19.0%), △ Improvement of laws and systems that hinder innovation (17.5%) △ Efforts to resolve rigid employment relationships (9.5%) .
Kim Bong-man, head of FKI’s International Cooperation Office, said: “We need to improve the business environment that foreign-invested companies can experience so that foreign-invested companies in Korea can continuously create jobs and expand investment in Korea. ” “As shown in this survey, in addition to improving the environment, political authorities need a more active attitude to solve difficulties in foreign-invested companies.”
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