Deputy Prime Minister Choi Sang-mok met with a delegation from the American Chamber of Commerce in Korea (AMCHAM) on April 2 at the Government Complex-Seoul to seek suggestions[1] for Korea to become a Asia-Pacific regional headquarters for investment and discuss policy directions.
Chairman of AMCHAM, James Kim, pointed out that amidst heightened interest from leading global companies in considering Korea as a potential investment destination for their Asia-Pacific regional headquarters, regulatory reforms are deemed crucial to firmly establish Korea’s position as a business hub. To be specific, in order to become a preferred investment destination over regional competitors such as Japan, Hong Kong, and Singapore, Korea needs to accelerate regulatory reforms in areas such as the labor market, tax administration, and digital economy.
DPM Choi commented on Chairman Kim’s policy recommendations that the government is striving to review measures to enhance labor flexibility based on social dialogue, while making efforts to improve predictability in tax enforcement and ease digital regulations.
Furthermore, he emphasized that the government will not settle for the 186 economic penalty regulation improvements initiated since the launch of the Yoon Suk Yeol administration but will instead push forward further enhancements. He underscored its commitment to create an investment environment that meets international standards through relentless regulatory reforms.
DPM Choi and Chairman Kim agreed to collaborate closely between AMCHAM and relevant ministries taking account of the policy recommendations discussed today, aiming to jointly develop the ‘Program to Attract Regional Headquarters of Global Companies’.
[1] On March 19, AMCHAM released a “Korea as an Asia-Pacific Regional Headquarters Report”, suggesting the need for improvements in regulations and administrative services in Korea.
Please refer to the attached files.
