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The Outflow of Jobs Overwhelmingly Higher Than Inflow

May 05, 2017 08:34|May 05, 2017 08:34
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The number of domestic jobs that moved overseas grew by 1,092,000 over the past ten years, while the number of jobs newly created by foreign companies during the same period remained low at 72,000. In other words, the outflow of jobs is about 15 times higher than the inflow in Korea.


According to a report released on May 3 by the Korea Chamber of Commerce & Industry, the number of jobs that Korean companies created in foreign countries rose to 1,625,000 in 2015 from 533,000 in 2005. During the same period, the number of jobs created by foreign companies in Korea marked a moderate growth from 199,000 to 271,000.


The amount of foreign investment in Korea for five years from 2011 to 2015 totaled US$46.4 billion, making the country rank 37th among major countries worldwide in terms of such amount.


The report claimed that the problem behind the disappointing growth in the number of jobs and investment is regulations that hinder private companies from doing business freely.