Chambers call for more incentives, eased regulations in health care, renewables
Park Han-na, The
Korea Herald - Korea would be more attractive for global renewable energy and
health care companies if they were given higher financial incentives and eased
regulations, chiefs of foreign business lobby groups said Wednesday.
The Korea Chamber of
Commerce and Industry held the 2024 Foreign Chamber Day with representatives of
foreign business networking organizations to share opinions on difficulties
faced by global firms operating here in the fields of economic cooperation, labor,
trade and regulatory approval, as well as improvement measures.
“I believe that
foreign investments have become a new force driving global industrial
competition, especially in high-tech industries. … the management activities
and policy suggestions of foreign companies can serve as barometers for
upgrading our economy to global standards,” KCCI Chairman Chey Tae-won, who
also doubles as SK Group's chairman, said at the meeting.
Presided over by
Chey, the gathering was attended by some 10 business leaders including European
Chamber of Commerce in Korea President Stefan Ernst, Seoul Japan Club Chairman
Kazuhiro Iguchi and David-Pierre Jalicon, chairman of the French-Korean Chamber
of Commerce and Industry.
“As Korea has many
excellent conditions to become Asia's No. 1 regional headquarters, we hope that
it will make efforts to attract global regional headquarters by providing more
diverse incentives,” American Chamber of Commerce in Korea Chair James Kim said
during the meeting.
obstacles such as global supply chain disruption and geopolitical risks, Korea
is an attractive investment destination that maintains a strong alliance with
the US via free trade agreements and ally-shoring,” Kim said. Ally-shoring
refers to manufacturing and sourcing from countries that are geopolitical
According to the
KCCI, foreign investment has increasingly become one of the two major pillars
that provide great vitality to Asia’s fourth-largest economy, along with
exports. Foreign direct investment in Korea reached an all-time high of $32.72
billion last year, hitting the $30 billion milestone for two consecutive years.
Chamber of Commerce and Industry Chair Holger Gerrmann suggested advancing the
renewable energy system by enacting laws related to wind energy and increasing
opportunities for cooperation in new industries such as the biopharmaceutical sector.
Stefan Ernst picked climate change and digital economic cooperation as areas in
which Korea and EU member countries should beef up partnerships, while
upgrading the Korea-EU FTA.
The chiefs also
suggested improving approval-related regulations, such as easing the standards
for restricted substances related to metal accessories and shortening the
approval process period for pharmaceutical products. They also requested
improvements in the service sector, such as easing the shareholding ratio of
foreign law firms.
not only increases production capacity and capital power for economic growth
but also has the effect of having an ally in Korea to deal with global issues
together without having to go abroad directly,” KCCI Executive Vice Chairman
Woo Tae-hee said.