The Korea Enterprises Federation recently conducted a survey at 220 foreign-invested enterprises and about half of them said that South Korea’s investment environment and regulations have not improved at all under the current administration.
“More than 29 percent of the respondents with at least 300 employees each mentioned South Korea’s new law against serious industrial accidents as the biggest burden and 27.7 percent and 18.5 percent mentioned the rising minimum wage and 52-hour workweek, respectively,” the federation said, adding, “As for smaller foreign-invested enterprises, 45.2 percent mentioned the minimum wage, 20.6 percent mentioned 52-hour workweek, 14.2 percent mentioned the new law, and 13.5 percent mentioned the union membership of dismissed and unemployed persons.”
In the survey, 52.3 percent said that the environment and regulations have not improved under the current government and 42.3 percent answered the other way around.
In addition, 27.7 percent said that doing business in South Korea entails unique risks. More than 31 percent of those respondents complained about too many unclear legislative regulations, 27.9 percent mentioned inconsistent and unpredictable administrative regulations, and 24.6 percent mentioned rigid labor laws and hostile labor-management relations.
Over 51 percent pointed out the necessity of improvement in relation to labor regulations. Improvements in terms of environmental, safety and health, fair trade-related and...
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