FSS vows to convince global firms to choose Korea over Singapore, Hong Kong

By Park Jae-hyuk, The Korea Times - The Financial Supervisory Service (FSS) vowed on Monday to ease Korea-specific regulations for foreign companies so as to enable the business and finance world to view the country as a more viable alternative to other Asian financial hubs, such as Singapore, Hong Kong and Shanghai.

During a luncheon with the American Chamber of Commerce in Korea (AMCHAM), FSS Governor Lee Bok-hyun introduced the financial watchdog’s strategies to make Korea the leading financial hub in the Asia-Pacific region.

“AMCHAM has recognized Korea’s significant potential as a leading regional hub in the Asia-Pacific region,” he said. “The financial authorities align with AMCHAM’s perspective, and we are committed to identifying and reforming regulations that do not meet global standards and impede the healthy growth of companies.”

In March, AMCHAM published a report highlighting labor market rigidity, high tax rates and complex taxation standards as the major challenges facing foreign firms when they enter the Korean market.

The FSS governor added that his agency will collaborate with relevant ministries to address these issues.

“Through these efforts, I am confident that companies operating in Korea, including AMCHAM members, will achieve strong competitiveness in the global market, benefiting from smooth business activities, various cooperation opportunities and innovative next-generation technology development,” he said.

Lee also noted that risks related to real estate project financing, previously identified as destabilizing factors in the Korean economy, have been reduced as the government has been encouraging unsalvageable projects to undergo restructuring.

He also talked with AMCHAM Chairman James Kim about the Corporate Value-up Program, a government initiative aimed at improving corporate governance and increasing the value of listed companies. They examined its impact on the local stock market and foreign direct investment.

“To unlock Korea’s true potential, it is imperative to create a regulatory environment consistent with global standards,” the AMCHAM chairman said. “Our survey highlights that Korea-unique regulations and digital economy policies are two of the most critical areas affecting the business environment in Korea. In this context, I am grateful for Governor Lee’s remarkable vision for the future of Korea’s financial services and his willingness to engage the AMCHAM community.”

Source: https://www.koreatimes.co.kr/www/issues/2024/06/175_375850.html?na 

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