The South Korea Finance Ministry said on Monday that the country intends to reform a set of business regulations as part of the efforts made to enhance investment, amid increasing concerns about an economic recession.
According to the Ministry of Economy and Finance, the decision was made during a meeting of the economic-related ministries presided over by Finance Minister Joe Kyung-ho, as reported by the South Korean Yonhap News Agency.
According to the ministry, Sol is preparing to change 24 business-related regulations, which should assist the nation attract 1. 5 trillion Won more in investments (1. 3 billion US dollars).
In the July and September sessions before this one, the government committed to changing 86 regulations.
The third group of targets, according to Joe, “focuses on removing roadblocks on the site in areas like export, import, and safety management,” he added during the meeting.
In response to criticism that the current regulations are ambiguous and compel businesses to incur needless costs, one of the responsibilities is to establish clear guidelines for explosion protection measures in semiconductor production facilities.
Seoul wants to attract more investments by updating a set of corporate rules.
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