South Korea will remove nearly one-third of government regulations on trade and foreign investment, and ease other restrictions that hamper investment, the government said Monday.
Of the 62 regulations that currently apply to trade or foreign investment 19, or 30.6 percent, will be completely eliminated before the incumbent Park Geun-hye administration’s five-year term ends in February 2018, according to the Ministry of Trade, Industry and Energy.
The decision came at a public hearing chaired by Vice Trade Minister Kim Jae-hong on Sunday.
“The hearing sought to remove all outdated, unnecessary or excessive regulations as long as they did not affect public safety or hygiene,” the ministry said in a press release.
The regulations to be removed include one that requires foreign investors to report any changes to the amount or nature of their investment.
The requirement of prior approval will be lifted for exporters of apples and pears to Taiwan, according to the ministry.
“The ministry will continue to find and reform unnecessary and excessive regulations to help create more jobs by regularly holding public hearings,” it said. (Yonhap)
