South Korea's commerce minister vows support for Japanese investment

South Korea’s commerce minister promised enhanced support for Japanese investors here Tuesday, also vowing to continue removing any red tape hindering investment.
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In a Seoul meeting with members of the Seoul Japan Club, Yoon Sang-jick also praised the efforts of local and Japanese businesspeople here to help improve economic and trade conditions between the two neighboring countries, according to the Ministry of Trade, Industry and Energy.

“The minister said his government will continue to improve market conditions for foreign investment by improving government incentives for foreign investors who contribute to the country’s employment, industrial and economic development and easing regulations to meet the specific needs of foreign investors,” the ministry said in a press release.

The Seoul Japan Club is a joint organization of local and Japanese businesspeople. It was established in 1997, and currently has some 2,000 people and 417 companies from both countries as its members.

At Tuesday’s meeting, the group made 58 recommendations aimed at boosting foreign investment in South Korea, which included prior notice for foreign investors facing a tax or customs probe.

The request, along with 21 others, will be reflected in future government policies while 10 others require more time for additional review, the ministry said. The remaining 26 recommendations will not be accommodated. (Yonhap)


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