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European biz leaders call on Korea to follow global standards
Minister of Trade, Industry and Energy Yoon Sang-jick, right, talks to Jean-Christophe Darbes, left, chairman of the European Chamber of Commerce in Korea (ECCK) and CEOs of European companies at the Lotte Hotel, downtown Seoul, Friday. / Courtesy of Ministry of Trade Industry and Energy
By Lee Hyo-sik
By Lee Hyo-sik
Heads of European companies operating here are calling on the Korean government to follow global standards in taxation and other policies concerning their corporate activities.
In a meeting with Trade Minister Yoon Sang-jick, Friday, they also demanded policymakers ease visa rules on non-Korean workers hired by foreign firms and refrain from slashing the insurance prices of medicine and other health care products brought into the country by European pharmaceutical firms.
“We would like to thank the Korean government for making strenuous efforts to smoothly implement the Korea-EU Free Trade Agreement (FTA) and ease regulations governing various business activities,” said Jean-Christophe Darbes, the chairman of the European Chamber of Commerce in Korea (ECCK). He is also the CEO of BNP Paribas Cardif Korea.
“Many European companies have set up a presence in Korea over the years, creating jobs and contributing to the nation’s economic growth. We want the Korean government to continue to make efforts to improve the business environment for non-Korean enterprises.”
Other participants at the meeting included IKEA Korea CEO Andre Schmidtgall, Bayer Korea CEO Ingrid Drechsel and 21 heads of Europe-headquartered companies.
The ECCK chairman called on the government to make it easier for small foreign businesses to obtain a visa for their non-Korean employees.
“We want the Korean government to respect the value of newly developed pharmaceuticals,” he said. “The government should also treat Korean and non-Korean research bodies equally when providing financial support. Foreign companies want Korea to abide by global standards in taxation and other policies, and offer greater support to makers and users of environment-friendly cars.”
European pharmaceutical companies have been complaining that the Korean government has slashed the prices of imported drugs covered by the state-run health insurance program, making it less profitable for them to sell their products.
In response, Minister Yoon said the government will do its best to remove barriers that discourage non-Korean companies from building plants and hiring workers here.
“To attract more investment from abroad, the government will listen more to foreign companies and reflect their opinions in policies, Yoon said. “Policymakers, including myself, will make every effort to make regulations more foreign-business friendly.”
He said the Korea-China FTA and the Korea-New Zealand FTA will take effect on Dec. 20, adding that Korea will soon become an FTA hub in Asia. “Korea’s extensive free trade network with major economies around the world will provide a boost to foreign companies operating here,” he said.