Chinese firms growing at fastest rate among foreign companies in S. Korea

15:18, June 27, 2011      

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The number of Chinese firms has been growing at the fastest rate among foreign-based companies doing business in South Korea, making a nearly three-fold jump in the past 10 years, data showed Monday.

The number of Chinese companies in South Korea stood at 620 in 2009, up from 225 in 1999, according to the data by the National Tax Service (NTS).

When combined with companies from China's Hong Kong, the number reached 990 in 2009, accounting for more than 10 percent of the total number of foreign-based companies in South Korea. Foreign- owned firms amounted to 9,075 in 2009, according to the data, reporting an over two-fold increase over the 10 years.

China has the third-largest business presence in South Korea by count, following Japan and the United States, which run 2,509 and 2,009 companies here, respectively, the data showed.

"If this trend continues for the next 10 years, Chinese companies could account for the largest portion of foreign corporate presence in South Korea," an NTS official was quoted as saying by Seoul's Yonhap news agency.

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