2019: 173 companies withdrew from South Korea: nearly tripled from the previous year
Companies withdrawing from South Korea:
In 2019, the number of companies that withdrew from South Korea was 173, nearly triple the number of the previous year.
Companies such as the United States, Hong Kong, China, and Germany are also moving away from South Korea.
The slump in exports and consumption has been prolonged due to the corona stagnation, and the Korean administration’s mismanagement is conspicuous.
Is there any material to retain foreign companies?
Korea Industrial Research Institute:
According to a survey by the Korea Institute of Industry
Foreign companies withdrawing from South Korea
58 companies in 2016,
80 companies in 2017,
68 companiesi n 2018,
In 2019, the number of companies increased to 173, nearly triple.
On the other hand, only 56 companies newly entered South Korea in 2019.
Withdrawal status of foreign companies:
The breakdown of the withdrawn companies is the largest with 45 companies in Japan.
Companies other than Japan are also withdrawing.
In the above survey, 35 companies in the United States, 17 companies in Hong Kong, and 10 companies in the Cayman Islands have left South Korea.
South Korea depends on China for exports.
Foreign countries are expected to come to China instead of the United States.
For foreign companies, having a base in South Korea is a risk.
JoongAng Ilbo:
It was reported that a US-Japan-owned manufacturer with a factory in Daegu has decided to withdraw.
Mayor Daegu sent a letter to reconsider the withdrawal, but did not overturn the decision.
Korean corporate tax:
According to the newspaper, South Korea has a high tax rate such as corporate tax.
It is also subject to the Hong Kong National Security Law.
It is difficult to attract global companies in Hong Kong.
zakzak: Yukan Fuji official website
https://www.zakzak.co.jp/smp/soc/news/200912/for2009120001-s1.html