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Biz News Korea(Eng)
Only 4 out of Korea’s top 30 groups ready with hiring and investment for 2017: survey
- Collected
- 2017.02.20
- Distributed
- 2017.02.21
- Source
- Go Direct
Heads of Korea’s major conglomerates are seating in a parliamentary hearing, held in early December 2016, over corruption scandal involving President Park Geun-hye and her friend Choi Soon-sil.
According to a survey conducted by Maeil Business Newspaper inquiring country’s top 30 conglomerates, based on asset size, on 2017 hiring and investment plans, only four groups – Hyundai Motor, SK, S Oil and Kolon said they established employment and investment map for this year. Among the largest 10 groups, only two groups – SK and Hyundai Motor have finalized their outlines. SK Group last month announced that it would recruit 8,200 new hires and invest 17 trillion won ($14.8 million) this year.
The remaining 26 groups including Samsung and LG have not yet fixed either hiring and investment plans.
“We have drafted a number of different hiring and investment plans on working level but senior management executives have deferred making a decision,” said an unnamed senior executive at a company that is yet to complete a plan.
The delay in decision-making is largely due to the growing uncertainties from home and abroad. Local business community has been preoccupied with implication in the investigation and trial on political scandal involving President Park Geun-hye and her inner circle on top of parliament’s discussion on the bill proposing to radically revise the country’s commercial law to ensure more transparency in governance of conglomerates.
Moreover, the protectionist trade policy of U.S. President Donald Trump and the escalating economic friction with China over Korea’s planned deployment of U.S. antimissile system Terminal High Altitude Area Defense have added burden on arriving at a decision for the year.
By Moon Ji-woong and Kang Young-woon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]