South Korea seeks more investment to boost exports
In a trade and investment promotion meeting chaired by President Park Geun-hye, the Ministry of Trade and Industry & Energy said it will encourage the private sector to invest 44 trillion won ($36.4 billion) in the electric car and other new technology sectors over the next three years by removing red tape and helping companies tap into new overseas markets.
The ministry said it will shorten the legal and administrative processes of giving product certifications and export permissions, and lift regulations on sales and distribution to help companies enter overseas markets promptly.
If the investment plan goes without a hitch, it is estimated to increase the country's output by $98 billion, boost exports by an additional $65 billion and create 415,000 new jobs.
"The plan involves short-term measures aimed at tackling the recent export doldrums and long-term programs to spur the private sector into investing in new industries in order to develop new export items," the trade ministry said in a news release.
In line with the trade ministry's measures, the Ministry of Strategy and Finance also announced a plan to create a business-friendly environment to bolster corporate investment.
It will build a corporate research and development cluster around 300,000 square meters in southern Seoul, ease construction regulations and give visa benefits to help companies focus more on R&D investment.
The ministry also came up with programs to spur investment by creating new service markets like the sharing economy and the sport agent system in a way to keep up with new business trends. ■