Businesses participating in inter-Korean economic cooperation projects say they face institutional and other obstacles.

According to a report released Monday by the Korea Chamber of Commerce and Industry (KCCI), many firms found North Korea lacking in investment benefits found in countries such as China and Vietnam.

The report was based on a study of 300 firms among the top one-thousand in terms of sales and 200 taking part in inter-Korean economic projects.

The survey, which was focused on policy directions for inter-Korean economic cooperation,
found that nearly 80 percent of the firms responding have experienced systemic and procedural difficulties.

The report indicated that almost half of the respondents were most challenged by transit, communications and customs issues. More than 22 percent said not being able to handle claims was their most difficult problem, while more than 14 percent cited obstacles to financial transactions.

Almost 12 percent complained about being barred from bringing in strategic goods, while another five percent noted restrictions on opening new markets.

At the same time, nearly 60 percent of companies responding said they faced non-institutional problems as well. Roughly 37 percent cited the lack of understanding of the market as a problem, while nearly 30 percent complained that their staff had no power. Other factors cited were uncooperative, demanding attitudes, and frequent express charges.