KOTRA Conference Highlights Foreign Investment Concerns
AustCham encourages immediate re-start of Australia-Korea FTA negotiations
AustCham executive members joined other business chambers and a number of private companies in attending the KOTRA-sponsored Foreign Investment Advisory Council on May 20, 2013.
KOTRA holds this forum twice a year to candidly discuss issues impacting on Foreign Direct Investment (FDI) in Korea.
The meeting was chaired by the Foreign Investment Ombudsman, Choong-Yong Ahn and representatives from the Ministry of Trade, Industry and Energy (MoTIE) provided an overview of FDI performance, economic growth and the impact of North Korea on investment sentiment in Korea.
MoTIE also outlined the Park Administration’s new policy to stimulate FDI as a means of addressing employment issues.
The meeting was well represented by many private companies and business chambers including AustCham, AMCHAM, the EU, British and French Chambers.
Graham Dodds, AustCham Chair, urged the Government to re-engage with Australia to urgently complete negotiations on the Australia-Korea Free Trade Agreement.
Issues raised by others ranged from difficulties in implementing Free Trade Agreements (US and EU), regulatory requirements in the finance sector, pricing of pharmaceutical products and a lack of transparency and consultation across many sectors when introducing new regulations.
While the forum did not resolve these issues, it was a very healthy exchange of views and a positive sign that the Park Administration will seek broad-based feedback on policies that impact fundamental economic issues such as FDI.
AustCham is committed to the re-start of negotiations and the successful implementation of the Korea-Australia FTA and has an active FTA Advisory Group working on this important issue. Members are strongly encourage to contribute their views and if you would like to participate in the FTA Advisory Group or to any of its activities, please contact Jiseon Kim (Executive Director) on firstname.lastname@example.org for further information.