Wednesday, April 10, 2013

Korean firms pulling out of China

Korean firms pulling out of China

By Na Jeong-ju


China is no longer an attractive place to build plants for Korean manufacturers.

The increase in people’s purchasing power in China provides tremendous opportunities for Korean retail and services companies, but that’s not the case for the manufacturing industry.

One major concern for Korean machinery, electronics, clothing and accessories firms that operate factories in China is the soaring labor costs.

According to the Ministry of Trade, Industry and Energy, Wednesday, 10 Korean manufacturers recently decided to shut their plants in China and return to their home country.

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