Invest KOREA

-OFIO –MOJ signed a partnership MOU over the prevention of international investments disputes on Apr 30
-“KOTRA will make a concerted effort with MOJ to bring down any possible disputes”

Office of Foreign Investment Ombudsman (OFIO) and the Ministry of Justice (MOJ) signed an MOU over the prevention of international investments disputes on Apr 30 at the KOTRA Head Office in Seoul.

At the presence of the Chamber of Commerce members representing business people of major economies like the U.S., China, Japan, the UK, Germany and France, and business leaders of foreign companies in Korea, both reaffirmed the government-wide effort to ensure strong bilateral partnership for the dispute prevention and settlement.

The key issues of the mutual agreement include inter-agency information sharing, forming a cooperative partnership to improve regulatory framework for better investment environment, co-hosting business conference with foreign invested companies in Korea and exchanging human resources between OFIO and MOJ. Detailed action plans will be mapped out once a working-level meeting ends.

Minister Park Beom Kye of Justice said “OFIO is playing a pivotal role in taking preventive action towards international disputes. In solidarity with KOTRA Ombudsman, we’d like to identify solutions to resolve disputes and troubles foreign companies are encountering with.”
“An effort to produce mutually acceptable resolution before the state-investor conflicts spark international legal battle is critical. By developing close ties with the Ministry of Justice, we’ll make an all-out effort to cut back on any possible disputes beforehand.”

Source : Invest KOREA (2021.05.01)