Yoon Sang-jick, the minister of trade, industry and energy of South Korea, announced the removal of a number of regulations on foreign investments, according to the Ministry of Trade, Industry & Energy (MOTIE) said on May 6.
Yoon presented the “innovation plan for foreign investment regulations” at the third regulation innovation conference held at Blue House on May 6, the MOTIE said.
The specific plans include the removal of the limitation on foreign investment in the Maintenance, Repair, and Overhaul (MRO) of aircraft, where previously the foreign investment rate had had to be less than 50 percent.
Second, the government will postpone the application of a regulation that requires foreign-invested companies to limit foreign employees to 20 percent of the total number of Korean employees for the first two years for foreign invested start-ups.
Third, the government will allow foreign invested companies’ participation in the regulation and policy development processes for environment, labor, and tax areas.