[THE INVESTOR] Bretix will hurt the businesses of more than 70 percent of Korean companies in the UK, a survey showed on June 24.

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

On June 24, Britain voted to quit the 28-nation economic bloc.

Still, 84 percent of the South Korean firms said they would remain in Britain.

KOTRA said Brexit 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 the financial hub of Europe.

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

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