Sean Blakeley, CEO of the British Chamber of Commerce in Korea (BCCK), attended the press conference hosted by the European Chamber of Commerce in Korea (ECCK) on January 30 to release the results of the 2017 ECCK Business Confidence Survey.
The BCCK, along with eleven other European Chambers of Commerce and business councils in Korea, participated in the ECCK’s biannual survey intended to gauge the business environment for the European companies operating in Korea.
The survey covered various topics related to the Korean economy, including business outlook and challenges, performance drivers, and regulatory environment. According to the survey, European companies continue to consider Korea to be an important market with more than half of the respondents planning to expand their business in Korea in 2018.
Consistent with the previous surveys, some of the main business challenges include a lack of economic growth and rising labor costs in Korea. Market access barriers and discretionary enforcement of regulations also remain as significant concerns of the European companies in Korea as they look to enhance their business performance and growth in the Korean market.
While the majority of the respondents expressed skepticism on the effectiveness of the economic policies proposed by the Korean government, more than 20% of them also expect the government to implement meaningful reforms.
You can access the full survey report from the ECCK website.Posted by BCCK Posted on 01 Feb