A new survey finds that eight out of ten CEOs of South Korean small- and medium-sized businesses believe that fair competition with large companies is not possible in the current business environment.
 
The Korea Federation of Small and Medium Business surveyed CEOs and executives of 320 small- and medium-sized firms and found that 76-point-nine percent believe that the current business environment structure does not accommodate fair competition and transaction with conglomerates.
 
As key reasons for the unfavorable environment, nearly 58 percent of respondents cited the lack of determination from conglomerates toward creating fair competition.
 
Also according to the survey, more than four out of ten CEOs thought that regulations on tackling unfair practices are ineffective. In particular, some 53 percent of respondents said that regulations restricting cross-subsidiary trading lacked effectiveness.