More Listening
The Korean government’s regulation information portal for foreign investors, which will be put into service on July 27, was demonstrated on July 16 at the Invest Korea Plaza located in Yangjae-dong, Seoul.
The portal, which is a follow-up of this year’s third Ministerial Meeting on Regulatory Reform held in May, is to provide an English-language version of the regulation information portal of the Office for Government Policy Coordination at e.better.go.kr, while linking the portal to the i-Ombudsman portal (i-ombudsman.or.kr) of the Ministry of Trade, Investment & Energy and the Korea Trade-Investment Promotion Agency for the convenience of foreign investors in Korea.
“More than 15,000 foreign-invested companies will be able to benefit from the new system, which is expected to help them better understand our policy relating to their investment and its transparency,” the government explained.
“Until recently, foreign companies’ opinions were not fully reflected during the introduction of some new regulations, but we are expecting that the new portal will address the matter by ensuring the full participation of foreign firms during the course,” said a representative of a foreign chamber of commerce & industry in Korea, adding, “Then, business predictability will be further enhanced, and more aggressive investment will be allowed to be made.”