KUALA LUMPUR - Foreign nationals establishing businesses in South Korea say they are seeing brighter prospects as the country hosts this year’s Asia-Pacific Economic Cooperation (APEC) summit, according to RTHK.

Government figures cited by Yonhap News Agency show overseas residents now account for nearly 5 per cent of the population — around 2.73 million people — with Chinese nationals making up about one-third.

Among the foreign entrepreneurs is Hongkonger Jolly Cheng, who runs an unmanned stationery shop in an apartment complex in Incheon.

The shop is open from 6am to 11pm daily, and Cheng’s main task is to monitor security cameras for any theft attempts.

The store had previously been targeted by burglars who prised open the self-checkout system and took cash.

Cheng believes CCTV has helped reduce crime.

“Now that I have been doing this for a while and watching surveillance footage, I rarely encounter thieves. (Koreans) are very disciplined.

“They take and pay for what they want. Even when they can't pay, they won’t take away the items, and instead, put them back and leave,” she said.

Unmanned stores have grown rapidly across South Korea, with the Chosun Daily estimating the number has exceeded 10,000.

Cheng, who has lived in the country for close to two decades, says operating without staff keeps labour costs down, noting wages could otherwise account for around half of her expenses.

“It spared me from hiring any employees, and I could also have another job at the same time.

“As a foreigner, my Korean isn't fluent enough to have frequent communication with South Koreans. So I’m not too keen on hiring someone to work for the store,” she added.

Another entrepreneur, Wang Xuan from mainland China, says entering the South Korean beauty sector has been challenging.

She provides personal colour analysis services mainly to tourists from China and other Asian regions, helping clients select clothing, make-up and accessories based on their skin tone and complexion.

Wang says her business also trains aspiring consultants and issues certificates, a process requiring approval from local authorities.

“Our business currently not only provides regular personal colour analysis, but also offers training to become a consultant and issues certificates.

“To certify individuals as consultants, we have to be accredited officially by South Korean authorities. It took us a lot of time and effort in handing in information and getting it approved,” she said.

She notes growing demand, with students from Chinese provinces such as Hebei and Anhui travelling to South Korea to learn before returning home to start businesses.

Wang adds that the Apec summit has further boosted interest in the beauty industry.

“The meetings brought the world’s focus on South Korea, and inevitably had an impact on (the industry of) personal colour analysis, a key aspect of Korean beauty.

“During the pandemic, the South Korean government worked hard to promote personal colour analysis as part of the Korean beauty brand, as South Korea’s beauty industry is quite developed. I think it is a rising industry because most people have a certain pursuit of beauty,” Wang added.

Earlier media reports estimated the Apec summit in Gyeongju would generate economic benefits of 7.4 trillion won, or about HK$40 billion.