South Korea: One of Asia’s Top Business Challenges as the Survey Shows

South Korea: One of Asia’s Top Business Challenges as the Survey Shows

A survey, answered by over 100 Company executives, which represent a turnover of almost €30 billion, and a workforce of over 30,000, showed that although South Korea is recognised as a strategically important business destination for most, it is also ranked as one of the most challenging business destinations for EU firms. 

The major problems identified were the rising labour costs, ambiguity and inconsistency of rules and regulations, and market access barriers. Suggestions by the survey respondents included a more transparent policymaking, the improvement of the rule of law, and a development of a spirit of fair competition.

Although President Moon Jae, who was elected last year, promised to introduce reforms to eliminate some of the challenges of doing business in South Korea; the EU Chamber of Commerce in Korea stated that not much has been done yet on an international business front.