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You too? - Korea - Companies Keep Moving Factories Out of Country
Seoul,Korea -The Korea Times, by Kim Jae-kyoung -11 Oct 2005: -- A growing number of small- and medium-sized enterprises (SMEs) are leaving the country or relocating abroad due to high labor costs, land prices and other adverse factors in the business environment here... The exodus, mostly heading to China, has been accelerating the hollowing-out of the local manufacturing industry, contracting the local job market and weakening the nation's economic growth potential... According to a report submitted by the government to the National Assembly, the number of SMEs that relocated their headquarters or plants abroad since 1999 totaled 9,779, the report said... The SME sector has been the basis for economic growth, playing a major role in boosting the manufacturing sector by supporting large enterprises. But many SMEs faced difficulties over the past year, hit by the stronger won and high oil prices...
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