In an interview with the “Korea Herald” last December, a couple weeks away from Korea’s presidential election, Pat Gaines, Chairman of the American Chamber of Commerce in Korea, shared his hopes for a president who would create a business-friendly environment and help eliminate barriers for foreign business.
Last month, Gaines saw the beginnings of an answer to his hopes at a luncheon meeting held by President Park Geun-hye at the Blue House, with CEOs from foreign-invested companies in Korea. Representatives of companies including Google, BASF and Citibank, leaders of chambers of commerce and the Minister of Trade, Industry and Energy attended the April 11 meeting, where Park assured guests that her administration would create a business environment that will be safer and more stable for foreign businesses to invest and operate.
In response, Gaines expressed his appreciation for the government’s efforts to invigorate channels of dialogue with multinational enterprises. He also praised Korea’s Foreign Investment Ombudsman system for what it has done for the foreign business community — for playing an important role in resolving the grievances raised by foreign investors and serving as an effective channel for communication between foreign investors and the Korean government.
Business leaders at the meeting also expressed their appreciation for Park’s attention to foreign investment, pledging to further facilitate investments in Korea based on their confidence in the country’s business environment.
They also showed full support for the government’s efforts to develop a creative economy, which Park addressed at the meeting. She said her administration would reform laws and systems so that people with creative ideas will be able to develop new products and services. The president added that she hopes foreign companies will expand investments in research and development and deepen their collaborations with Korean firms to help develop a creative economy.
From the Foreign Investment Ombudsman’s point of view, a creative economy has everything to do with foreign investors and their successful experience in Korea. Creativity comes from many sources, including foreign investors, especially knowledge-intensive foreign- invested companies. They could be highly effective in achieving the innovation and practical new ideas necessary for a creative economy. Foreign investors serve as an important channel in the implementation of a creative economy in an increasingly interdependent cross-border value chain, and their input is crucial.
That is why the Office of the Foreign Investment Ombudsman holds several events a year to engage in dialogue and other communication with foreign invested firms in Korea.
Foreign Investment Ombudsman Dr. Ahn Choong Yong presides over meetings of the Foreign Investment Advisory Council, the members of which include leaders of foreign- invested companies in Korea. The meetings serve as a valuable opportunity for Dr. Ahn to hear about the difficulties faced by foreign investors doing business here and their requests for systemic improvements.
The CEO Forum for Foreign-Invested Companies is another event for foreign business leaders. Dr. Ahn and government officials take the opportunity to brief guests on Korea’s economic affairs at the meeting, which also serves as a great networking opportunity.
With the Park administration committed to hearing and implementing the opinions of foreign- investment leaders in Korea, the Office of the Foreign Investment Ombudsman will also step up efforts to communicate with foreign investors and create a fairer, more transparent business environment through the proactive resolution of grievances.
Source : Invest Korea
