According to Yonhap News,

(SEOUL=Yonhap News) A regulatory information portal for foreign investment will open on July 27 to support foreign-invested companies and resolve their grievances.

The Ministry of Trade, Industry & Energy gave a trial performance of the website before officials from foreign chambers of commerce in Korea, including the American Chamber of Commerce in Korea, on July 16 at Invest Korea Plaza.

The portal, established by the government, will be officially launched after a 6-day trial period. Related to the work of the Office of the Foreign Investment Ombudsman (i-ombudsman.or.kr), the site provides an English version of the regulatory information portal (www.better.go.kr) and aims to make things more convenient for the 15,000 foreign-invested companies in Korea.

Via the portal, foreign-invested companies can refer to legislative information during the enactment or revision of regulations and submit their opinions and suggestions. Proposals and suggestions regarding existing regulations will be replied to within 14 days.

Other information will include regulatory reform cases for 12 sectors, including finance, territory and the ocean.

abullapia@yna.co.kr

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