Finance minister vows to ease business regulations, meet global standards

SEOUL, Finance Minister Choi Sang-mok said Tuesday the government will make efforts to lift regulations to emerge as a favorable investment destination in the Asia-Pacific region and establish a business environment that meets global standards. Choi made the remark during his meeting with James Kim, chairman of the American Chamber of Commerce (AMCHAM) in Korea, to discuss ways to broaden bilateral economic cooperation, according to the Ministry of Economy and Finance. During the meeting, Kim advised South Korea to make efforts to ease regulations in order to emerge as a more favorable investment destination compared with other competitors in the region. Choi said the government has been reviewing ways to introduce greater flexibility in the labor market, along with measures to enhance predictability in tax policies and ease regulations in the digital sector. South Korea will continue to make proactive efforts to lift regulations to establish an investment environment that meets global standards, the min ister added. The two officials also agreed to collaborate in bolstering bilateral economic ties amid escalating business uncertainties ahead of the U.S. presidential election in November. Source: Yonhap News Agency