South Korean Prime Minister, Han Duck-soo, promised to create a more favorable environment for foreign companies in South Korea through deregulation.
Speaking in front of around 100 representatives of U.S. companies at special meeting with the American Chamber of Commerce in Korea on Friday the Prime Minister said the leadership of the new government, including President Yoon Suk-yeol, is extremely committed to make this happen.
"We will stick to ourselves more market left and the private led growth. And that means we are shifting our years from the previous five years income-led growth into investment-led growth. That's why we are focusing on de-regulation"
He also hinted that the government is working to lower the corporate tax rate from 25 to 22 percent.
He also noted that there will be reforms to labor regulations as well as investing more into education to further boost South Korea's work force.
When asked about the KORUS FTA which he helped make happen ten years ago he said it was work he is proud of as the FTA increased bilateral trade by 70 percent.
However, the Yoon administration will continue to work to maintain the FTA in a way that's more fitting to today's society.
"We have issues on other things which are not fully kept up with what really anticipated when we did our agreements. So including how digital economy can do and how they can impact our FTAs. and maybe some kind of dispute settlement processes should be improved more. More trade procedures should be simplified and things like that."
As for the security issues on the Peninsula which foreign companies may consider as North Korea continues to pose threats he referred to the recent trilateral summit among South Korea, U.S., and Japan during the NATO summit in Madrid.
He said through improved relations with Japan, the security risks will be much more manageable as three countries work together.
Kim Do-yeon, Arirang News.