Busan Chamber of Commerce and Industry, Survey on Awareness and Opinions of Busan Citizens on Local Companies... Favorability 49.8%, Twice the National Average

Very High Positive Evaluation of Gadeokdo New Airport Industrial Infrastructure Expansion and Contribution to Regional Development

Regret Over Lack of Role in Developing New and Advanced Industries Such as Secondary Batteries and Power Semiconductors

As ESG management, which emphasizes the social role of companies, spreads and the importance of corporate image increases, the level of favorability of Busan citizens toward local companies was found to significantly exceed the national average corporate favorability.

The Busan Chamber of Commerce and Industry (Chairman Yang Jae-saeng) announced the results of the "Survey on Busan Citizens' Perceptions and Opinions on Local Companies," conducted on 506 Busan citizens on the 22nd to understand the favorability toward local companies and opinions on the social role of companies.

According to the survey, the proportion of respondents who felt favorable toward local companies reached 49.8%, while unfavorable responses accounted for only 9.9%. This indicates a considerably high positive sentiment toward local companies. Compared to the survey conducted by the Korea Chamber of Commerce and Industry in the first half of this year, which showed a nationwide corporate favorability rate of 18.5%, the favorability of Busan citizens toward companies is more than twice as high.

Favorability of Busan Citizens Toward Local Companies.

The preference for using products and services of local companies and employment was also high. 91.1% responded that they prefer local companies if there is no significant difference in price or quality, and 78.2% positively considered employment at local companies for themselves or their children. This is interpreted as a result of high interest in local companies actively participating in current projects and the positive influence of the image built by long-established hometown companies.

Among the roles of local companies in the local community evaluated by citizens, the highest-rated item was contribution to regional development such as infrastructure construction. On the other hand, the role in the development of new industries and advanced technology industries received a somewhat disappointing evaluation, likely because recently fostered new industries such as power semiconductors are still in the early stages with insufficient visible achievements compared to regional development projects with high citizen awareness, such as the construction of Gadeokdo New Airport.

The area where citizens most want local companies to expand their role economically in the future was the creation of quality jobs at 53.2%, followed by growth as global companies through export expansion (16.8%), business advancement such as entering new industries (11.3%), and technology development through active research and development (10.7%).

In terms of social value, improving worker welfare accounted for the largest share at 46.2%, followed by corporate culture improvement (17.4%), participation in solving local community problems (16.6%), compliance management and ethical management practice (8.7%), and maximizing consumer satisfaction and protecting consumer rights (6.7%).

The level of local companies' contribution to the local community.

The most effective policy directions for supporting local companies, as perceived by citizens, were financial support including policy funds (24.7%) and support for securing talent (22.1%). This result is based on the perception that entrenched financial difficulties and shortages of excellent personnel are hindering corporate growth due to the overwhelming proportion of small and medium-sized enterprises in the regional economy.

A representative of the Busan Chamber of Commerce and Industry stated, "Local companies are receiving high evaluations in terms of corporate image compared to other cities and provinces as they actively participate in various infrastructure projects necessary for Busan's economic growth, such as the construction of Gadeokdo New Airport and the relocation of the Korea Development Bank to Busan," adding, "Since companies play a key role in regional development, policy support is also needed to help corporate growth and create a virtuous cycle where profits generated in the process lead to social contributions."

Busan Chamber of Commerce and Industry.