By Park Si-soo
Staff Reporter
South Korea is still strewn with regulatory and other barriers blocking foreign investment, investors, envoys and business promoters, a group said at a foreign investment seminar Thursday.
They cited a lack of legal and business-related information provided in English, tough immigration rules and cumbersome administrative steps to open business as major problems.
Nearly 40 foreign investors and those engaging in relevant fields participated in the seminar at the Seoul Immigration Office headquarters in northern Seoul to share ideas to create a better investment climate for foreigners.
``All information about South Korea, its markets and also regulations and requirements should be available in English,'' said Luice Lompejova, a representative of the European Union Chamber of Commerce in Korea. ``Information on government Web sites is no exception.''
Jean Pellegri, a representative of the French Korean Chamber of Commerce and Industry, said under Korean Immigration Laws, only married spouses can enjoy the status of dependant.
``This requirement is quite stiff and prevents many foreigners, especially young people, to be dispatched by their head office to their Korean affiliates or branches,'' Pellegri said. ``Indeed, in many European countries, couples who are not officially married live together in a stable and permanent manner.''
For instance, in France, couples can file a request before the French authorities and enjoy a recognized status close to a married couple for certain matters, he said.
They suggested the Korean immigration authorities amend current visa rules on the D-7 visa issued to branch representatives. Under current laws, applicants for D-7 must have work experience of at least one year in their head office.
``Although this requirement may prevent fraudulent applications, it is also a big burden to branches of foreign corporations who are sometimes willing to recruit newly hired managers for their Korean operations,'' Pellegri said. ``However, under this requirement, branches are prevented from recruiting newly hired people. A lot of foreign managers are prevented from working in Korea because of this requirement.''
Seoul Immigration Office Director General Woo Ki-boong said their suggestions would be reflected in its policies.