SEOUL, KOREA - Amy Jackson, president of the American Chamber of Commerce in Korea, said on June 10, "Since the inauguration of the Park Geun-hye government, corporate business conditions have changed a lot and the government talks about deregulation. But actually new regulations have been introduced daily and nuanced 'recommendations' proliferate."
In an AMCHAM Korea-sponsored forum held at the Grand Hyatt Seoul, she said this on behalf of American corporate leaders doing business in Korea. On the occasion, Minister of Trade, Industry, and Energy Yoon Sang-Jick was invited as a speaker.
Ms. Jackson complained of the abrupt change of attitude toward large corporations. As an example, she said, "The National Commission for Corporate Partnership announced on May 27 detailed rules for franchise restaurants on exactly where to set up new locations. These 'recommendations' would no doubt pose as an obstacle to those foreign companies trying to invest in Korea."
"The most important criteria by which foreign companies make decisions on whether to invest or not are clear, predictable, and consistent regulations," she added.
Meanwhile, Minister Yoon said in his speech, "Up until now the Korean government has provided incentives to foreign companies depending on how much they invest. From now on, however, we will change the rule so that more small companies can be encouraged to invest even though the volume is small as long as their contribution to the economy is sizable in terms of job creation effect and innovativeness."
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