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The American Chamber of Commerce in Korea (AmCham) has issued a new report calling on the South Korean government to relax regulations across nine critical business sectors, including defence and automobiles, in a bid to enhance the country’s attractiveness to international investors.
The comprehensive report identifies several key industries where AmCham believes regulatory adjustments could significantly bolster South Korea’s appeal to global companies. The sectors highlighted include defence, automobiles, healthcare, finance, technology, energy, logistics, consumer goods, and real estate.
AmCham’s recommendations focus on reducing bureaucratic red tape, streamlining compliance requirements, and creating a more business-friendly environment. The report argues that these regulatory reforms are essential for South Korea to remain competitive in the global market and to attract foreign direct investment (FDI).
The defence sector, in particular, is cited as needing reform to align with international standards and practices, which could facilitate greater collaboration and investment from global defence firms. Similarly, the automobile industry is recommended for regulatory easing to stimulate innovation and competitiveness in the face of rapid technological advancements.
In response to the report, AmCham Korea’s President emphasized that regulatory flexibility is crucial for South Korea to attract and retain multinational corporations. “By implementing these recommendations, South Korea can enhance its position as a leading investment destination and foster a more dynamic and competitive business environment.” said the president
The South Korean government has yet to formally respond to the report, but AmCham’s recommendations are expected to spark discussions among policymakers and industry leaders about how best to adapt regulations to meet evolving global business needs.
The report underscores the growing importance of regulatory reform in a rapidly changing global economy and highlights South Korea’s opportunity to strengthen its economic ties with international partners.