Regulations Eased for Innovative Growth
Large securities companies with an equity capital of three trillion won or more will be allowed to extend loans to their overseas subsidiaries.
The policy change was decided at the government's fourth innovative growth strategy meeting on Oct. 14.
In addition, the government is going to apply simplified examination procedures to chemical handling facilities, establish a digital trade platform for the convenience of exporters, and address theater monopoly for film industry development.
The credit offering will be allowed for those subsidiaries directly governed by comprehensive financial investment business entities. When it comes to the procedural simplification, chemical process safety examinations of the same content will be merged.
The digital trade platform is to give companies an easier access to every step of export, that is, contract signing to customs clearance and freight handling. Blockchain technology will be applied to foreign exchange transaction records and global delivery centers and specialized malls will be set up for e-commerce export promotion.
In addition, the government came up with a future car industry development plan covering systems and infrastructures related to completely autonomous driving and a higher level of openness of the automotive industry. Details of the plan are going to be announced in the near future. “The government’s vision proposal in the system-on-chip, biohealth and future car industries will be completed once the details of the plan are announced,” said Deputy Prime Minister Hong Nam-ki.