'Korea to remove barriers for foreign investors'

Trade, Industry and Energy Minister Yoon Sang-jick, third from left, speaks during a meeting with AMCHAM Chairman James Kim, across the table from Yoon, and heads of foreign companies, at the Lotte Hotel, downtown Seoul, Thursday. / Courtesy of Ministry of Trade, Industry and Energy

By Lee Hyo-sik

Trade Minister Yoon Sang-jick has pledged to remove barriers that discourage non-Korean companies from building plants and hiring workers here.

He made the remarks during a meeting with James Kim, chairman of the American Chamber of Commerce in Korea (AMCHAM), and heads of foreign companies operating in the country, Thursday.

“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.”

Other meeting participants included AMCHAM President Amy Jackson, McDonald’s Korea CEO Joe Erlinger and eight heads of non-Korean companies.

Yoon has said the government wants to increase this year’s foreign direct investment (FDI) to $20 billion from $10.3 billion in 2014.

In response, AMCHAM Chairman Kim, who is also CEO of GM Korea, said: “Foreign business communities want the Korean government to work harder to improve business environments for multinational firms. We also want Korea to relax regulations concerning corporate activities and implement follow-up measures of the Korea-U.S. Free Trade Agreement.”

Kim said AMCHAM highly regards President Park Geun-hye’s efforts to create a friendlier foreign business environment.

“President Park listened to concerns held by U.S. business communities in Korea while she was in Washington,” he said. “We were glad that the President is committed to making things better for foreign companies and boosting a business partnership with the United States. AMCHAM will remain as a strong supporter of the Korean government and help it attract more foreign investment.”

According to the Ministry of Trade, Industry and Energy, Yoon and leaders of foreign business communities also exchanged opinions on Korea’s FDI policies, the Trans-Pacific Partnership, climate change and other business-related issues concerning both countries.