Seoul: Business satisfaction and performance among European companies operating in South Korea have declined for a third consecutive year, a recent survey showed Monday. The annual business confidence survey for 2024-25, conducted by the European Chamber of Commerce in Korea (ECCK) on chief executive officers of 139 European companies operating in South Korea, revealed that 45 percent of respondents expressed satisfaction with their business performance in Korea.
According to Yonhap News Agency, the poll was conducted jointly with 10 other European nation business chambers in South Korea. The business satisfaction rates among respondents in 2022 and 2023 were recorded at 68 percent and 58 percent, respectively.
The poll showed that 62 percent of respondents said their market share remained unchanged in 2024, while only 24 percent experienced growth, marking a sharp decline from 53 percent in 2022 and 38 percent the following year. Looking forward, 36 percent of companies anticipated that South Korea's importance in their global strategy would increase over the next two years, down from 59 percent in 2022 and 53 percent in 2023.
The survey also identified inconsistent enforcement of regulations as a major challenge facing European firms in Korea. "Although uncertainties remain, European companies are optimistic that meaningful business opportunities can still be found in South Korea," the ECCK said.