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Korea's recent improvements of foreign direct investment law systems

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Frame of Image te and financial sectors, the rigid labor market, restrictions on foreign exchange dealings and capital mobility, closed domestic markets, and other administrative regulations. Since 1997 financial crisis, Korea has continued to undertake structural reforms and to boast strong economic fundamentals, creating a favorable environment for foreign direct investment. Korea has taken significant steps toward liberalizing capital flows as well as establishing a simple and transparent legal framework. The Foreign Investment Promotion Act that is much more comprehensive and transparent became effective from December, 1998 and has introduced many kinds of measures which are aimed at encouraging foreign investment since then. Major Policies to promote foreign investment which has implemented by Korea may be shortly explained as follows; introduction of market mechanisms, opening of previously closed business sectors, full liberalization of cross-border M&A, capital market liberalization and Implementation of the new Foreign Investment Promotion
* Korea Legislation Research Institute, Research Fellow 109
110
Asia Law Review
[Vol. 2 : 109∼135
Act. These measures to open capital market and lower barriers to foreign investment are critical steps to improving the investment environment. In the meantime, foreign capital is playing an increasingly important role for the economy. Amid the economic slowdown, the foreign direct investment attraction gave a better performance in 2004 compared to a


Full Text
Title Korea's recent improvements of foreign direct investment law systems
Similar Titles
Material Type Articles
Author(English)

Moon, Joon Jo

Publisher

[Seoul]:Korea Legislation Research Institute

Date 2005-06
Journal Title; Vol./Issue Asia Law Review:vol. 2
Pages 28
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Direct Investment
Government and Law < Laws and Legislation
Holding KLRI

Abstract

In the past, potential foreign investors insisted that there have existed many obstacles to foreign investment to Korea, such as the lack of transparency and accountability of the corporate and financial sectors, the rigid labor market, restrictions on foreign exchange dealings and capital mobility, closed domestic markets, and other administrative regulations. Since 1997 financial crisis, Korea has continued to undertake structural reforms and to boast strong economic fundamentals, creating a favorable environment for foreign direct investment. Korea has taken significant steps toward liberalizing capital lows as well as establishing a simple and transparent legal framework. The Foreign Investment Promotion Act that is much more comprehensive and transparent became effective from December, 1998 and has introduced many kinds of measures which are aimed at encouraging foreign investment since then. (the rest omitted)