Doing business in S Korea getting harder

More than three in five European Union executives say doing business in trade-dependent South Korea -- Asia's fourth-largest economy -- has got harder, a survey showed Tuesday.

Respondents to the EU Chamber of Commerce in Korea cited rising labour costs, ambiguous rules, market access, and inconsistent application of regulations as issues, urging more transparent policymaking and improved rule of law.

"Initiatives to support business such as deregulation seemed to have phased out," the organisation said in its Business Confidence Survey.

President Moon Jae-In came to power last year promising reforms in several areas.

But the ECCK said: "Not much progress has been made in terms of substantial changes referring to improvements in business and international trade."

A total of 108 company executives, representing a combined workforce exceeding 30,000 employees and a total turnover of EUR 28 billion, answered the survey in November.

The Korean market was increasingly strategically important, said 44 percent.

But 61 percent "feel that doing business in Korea has become more challenging than two years ago", the ECCK said.