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[THE INVESTOR] Three out of 10 big companies in Korea consider red tape as a big hurdle to their new businesses, a poll showed on July 5.
The survey of 141 local companies released by the Korea Economic Research Institute found that 29.3 percent faced difficulties in their new businesses due to regulations.
The survey was conducted on the country’s 300 largest companies by revenue by the institute under the Federation of Korean Industries, the nation’s big business lobby, from 2013 to 2015.
Among them, 141 companies answered.
In the survey, 21.3 percent said regulations have led to a decline in sales and operating profits while 19.5 percent said regulations lowered productivity and 10.3 percent said they hindered investment and job creation.
More than 300 regulations are in place against private South Korean companies as of May.
Yang Geum-seung, a senior research fellow of KERI, called on the government to either abolish or ease irrational regulations against big companies, noting regulations against big companies could undermine their competitiveness and hinder their growth.
President Park Geun-hye has been pushing to lift or ease all but core regulations to create jobs and reinvigorate Asia‘s fourth-largest economy, calling unnecessary business restrictions “our archenemy” and a “cancer.”
(theinvestor@heraldcorp.com)
The survey of 141 local companies released by the Korea Economic Research Institute found that 29.3 percent faced difficulties in their new businesses due to regulations.
The survey was conducted on the country’s 300 largest companies by revenue by the institute under the Federation of Korean Industries, the nation’s big business lobby, from 2013 to 2015.
Among them, 141 companies answered.
In the survey, 21.3 percent said regulations have led to a decline in sales and operating profits while 19.5 percent said regulations lowered productivity and 10.3 percent said they hindered investment and job creation.
More than 300 regulations are in place against private South Korean companies as of May.
Yang Geum-seung, a senior research fellow of KERI, called on the government to either abolish or ease irrational regulations against big companies, noting regulations against big companies could undermine their competitiveness and hinder their growth.
President Park Geun-hye has been pushing to lift or ease all but core regulations to create jobs and reinvigorate Asia‘s fourth-largest economy, calling unnecessary business restrictions “our archenemy” and a “cancer.”
(theinvestor@heraldcorp.com)
