The latest survey shows similar results as 2022 in terms of financial performance, though there is a slight leaning towards a more negative report in 2023. Almost two-thirds of Swedish companies reported an increase in profits compared to the previous year, and those who reported ‘Loss’ marginally increased by 10 per cent.

Compared to the negative economic situation in South Korea in 2023, 65 per cent of respondents expect their business to improve over the coming 12 months.

Strong partnerships and local relationships are the most important for maintaining competitiveness on the South Korean market. Forming local partnerships is crucial for Swedish companies to gain competitive edge as it enables them to leverage local expertise, access networks, and utilise valuable resources while also effectively adapting to the market.

The Swedish brand is strongly perceived as a positive factor contributing to business in the Korean market. A significant majority of respondents, constituting over 80 per cent, believe that the Swedish brand positively contributes to business in South Korea.

Many Swedish companies replied that there are challenges related to sustainability in South Korea. While sustainability challenges such as climate change impacts and energy security concerns are widely acknowledged, the Korean government's policy approach appears too vague and lacking in specificity, resulting in a worsened environment for investment.

Please download the report to fully overview the results with a detailed analysis. 


The Business Climate Survey targeting Swedish companies in South Korea has been carried out since 2009 and annually since 2014 by Team Sweden. The purpose of this report is to increase the understanding of Swedish companies’ performance in South Korea and highlight the opportunities and challenges that exist in the South Korean market. In addition, it can serve as a reference in bilateral trade dialogues between Sweden and South Korea.

Team Sweden carried out the survey during February 2024. The survey targeted country managers and country representatives who have an overview of their companies’ performance and their results in 2023. Out of 126 eligible companies, 72 respondents replied, equalling a 57 per cent response rate. With this response rate, the survey result can be trusted with a 95 per cent confidence level.

Team Sweden would like to extend gratitude to the participating companies and respondents who have contributed to this report.