Brexit to have negative impact on S. Korean firms in Britain: survey

SEOUL, June 24 (Yonhap) -- More than 70 percent of South Korean companies in Britain said its exit from the European Union will hurt their businesses, a survey showed Friday.

The survey on 31 South Korean firms in Britain by the Korea Trade-Investment Promotion Agency (KOTRA) found that 71 percent said Britain's EU membership withdrawal will undermine their price competitiveness and lower their profits.

On Friday, Britain voted to quit the 28-nation economic bloc.

Still, 84 percent of the South Korean firms said they will remain in Britain even after the world's fifth-largest economy voted to leave the EU.

KOTRA said Britain's exit from the EU could also deal a blow to the British economy as its decision means it cannot trade with EU member countries without tariffs and could cause rapid capital outflows from Britain, the financial hub of Europe.

Yun Won-sok, a KOTRA official, said South Korean companies should make efforts to find new business opportunities while securing their existing markets.

entropy@yna.co.kr
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