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KOREAN COMPANIES MOVE OVERSEAS FOR BETTER BUSINESS CONDITIONS.
SEOUL, July 1 Asia Pulse - Overseas relocation of domestic companies is gaining momentum with a series of strikes and myriad government regulations chipping away at corporate competitiveness, according to industry sources Tuesday.
Domestic companies started moving their production bases to China and other countries in search of lower wages in the 1990s, when labor unions raised the stakes by demanding higher wages.
Now, they are mainly moving abroad to avoid labor strikes and government regulations, which they believe hamper efforts to enhance competitiveness amid the cutthroat competition in the global market.
The Federation of Korean Industries (FKI), the lobbying group for family-run conglomerates, also known as chaebol, warned of "an industrial hollowing-out" as Korean firms are relocating overseas more rapidly than those of Japan and other advanced countries.
If the current trend continues, the manufacturing industry's proportion of the gross domestic product (GDP) will nosedive by 2007, bringing the "industrial hollowing-out" to the surface, according to the FKI.
Moreover, overseas relocation is spreading to such high-value products as electronics, telecommunications and mechanical equipment from shoes, clothing and textiles.
Samsung Electronics Co. (KSE:05930), the country's largest firm, completed the relocation of its microwave oven assembly line to Thailand last year.
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