Many South Korean companies lag behind their Chinese rivals in the speed of innovation, a survey by the business community here showed Wednesday.

The Korea Chamber of Commerce and Industry conducted the poll of 300 manufacturing firms based in South Korea from May 12-18.


Among them, 84.7 percent said the innovation pace of South Korean firms is slower than that of Chinese ones, according to the KCCI.

In a hypothetical question, the KCCI put the innovation speed of Chinese companies at 100 kph and asked for the speed of South Korean businesses.

"The average speed given was 71 kph," it said. "Compared with Google, it was only 59 kph."

The findings reflect a sense of crisis prevalent in the local business world amid tough economic challenges at home and abroad.

In the past, South Korea caught the international community by surprise with rapid economic growth. The country was known for its "bbali-bbali" culture, an expression meaning "Hurry up!" or "Faster!"

But it now faces the grim reality of being outpaced by China in corporate innovation, the KCCI noted.

"In the survey, an elevator manufacturing firm picked Google as its future rival. It said Google may enter the elevator industry with such a new project as the development of a space elevator," said Lee Dong-geun, vice chairman of the KCCI. "Companies will have to compete for innovation irrespective of business type and size."

That is why South Korean firms should step up efforts for aggressive innovation, he added. (Yonhap)