South Korea will beef up efforts to provide a better business environment for
foreign enterprises by "actively" reflecting their opinions in its policymaking
process, the nation's finance minister said Monday.
"We will actively
reflect the opinions of the EU Chamber of Commerce, and make redoubled efforts
to improve areas such as investor protection and property rights registration,"
Bahk Jae-wan told a meeting with European business people.
Bahk
promised to push ahead with measures to lower land rents and make conditions
more foreigner-friendly so foreign companies can do business in better
management and living conditions.
He added that the free trade
agreement (FTA) between South Korea and the EU, which went into effect in July
last year, will benefit both regions by diversifying export industries highly
dependent on certain countries and helping lower inflation.
The FTA
can also act as a "driving force" for creation of jobs and income by boosting
investment and expanding trade, especially in the service sector, he
noted.
The minister urged the EU to use South Korea as a "hub" in East
Asia, through which it can introduce its advanced service industries and
increase the share of its products in the region.
Bahk also said there
are new countries considering whether to invest in the bond market here,
emphasizing he will closely cooperate with their central banks to minimize any
possible volatility from increased capital inflow.
The government will
make efforts to encourage long-term investments and expand the size of the
overall capital market aimed at easing shocks from massive money flows in and
out of the nation, he added.