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Foreign-invested companies’ exports, employment increase
By Korea HeraldPublished : Feb. 26, 2013 - 20:24
Foreign-invested firms in Korea saw a rise both in exports and employment in 2011, according to the Ministry of Knowledge Economy on Tuesday.
The ministry report showed that the total outbound sales of the 14,809 foreign-invested firms reached $100.7 billion in that year, accounting for 18.1 percent of the nation’s exports and marking an $8.4 billion rise from the previous year.
Their combined sales soared by 20 percent or by 482 trillion won ($4.4 billion) during the same period. Their research and development spending, likewise, rose by 530 billion won ($487 million) from 5.4 percent of expenses to 7.1 percent.
The total employee number jumped from 484,000 to 501,000, making up 6.2 percent of the country’s total employment. The growth was especially visible in the manufacturing sector, which saw an increase of 22,794 employees during the period.
The corresponding companies also saw an improvement in their debt-to-asset ratio, which fell slightly from 113.1 percent to 109.03 percent. Domestic sales accounted for up to 78.6 percent for these firms, as the key goal of their investment is to advance into the local market, the ministry said.
Also, a majority of foreign-invested firms found the local government’s business support system helpful, though most added that further assistance was needed in terms of tax, finances and administration.
By Bae Hyun-jung (tellme@heraldcorp.com)
The ministry report showed that the total outbound sales of the 14,809 foreign-invested firms reached $100.7 billion in that year, accounting for 18.1 percent of the nation’s exports and marking an $8.4 billion rise from the previous year.
Their combined sales soared by 20 percent or by 482 trillion won ($4.4 billion) during the same period. Their research and development spending, likewise, rose by 530 billion won ($487 million) from 5.4 percent of expenses to 7.1 percent.
The total employee number jumped from 484,000 to 501,000, making up 6.2 percent of the country’s total employment. The growth was especially visible in the manufacturing sector, which saw an increase of 22,794 employees during the period.
The corresponding companies also saw an improvement in their debt-to-asset ratio, which fell slightly from 113.1 percent to 109.03 percent. Domestic sales accounted for up to 78.6 percent for these firms, as the key goal of their investment is to advance into the local market, the ministry said.
Also, a majority of foreign-invested firms found the local government’s business support system helpful, though most added that further assistance was needed in terms of tax, finances and administration.
By Bae Hyun-jung (tellme@heraldcorp.com)
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Articles by Korea Herald
