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Korea to Build Competitiveness of Service Industry

Deputy Prime Minister and Minister of Strategy and Finance Hyun Oh-seok announced last week that the fourth investment facilitation measures will focus on building the competitiveness of the service industry.

His comments on the follow-up of the third investment facilitation measures were made at the 22nd ministerial meeting, held at the Export-Import Bank of Korea last Tuesday.

The Korean government announced the third investment facilitation measures last month, which include improvements of the environment and industrial complex regulations.

Hyun also said that implementation will be examined and evaluated every two weeks, as is the case for the first and second measures, adding that additional measures to improve the corporate investment climate will be developed as well.

Regarding China’s Free Trade Pilot Area, introduced last month, the Deputy Prime Minister noted that it shows China’s willingness to promote the opening of the service industry, following its manufacturing-oriented open- door policy.

He added that China’s aggressive deregulation in the service sector to facilitate its economy implies a great deal, emphasizing that Korea should also reinforce its political efforts to enhance the competitiveness of the service industry for job creation and new growth engine development.

Source Text

Source: Newsis (Oct. 8, 2013)

** This article was translated from the Korean.

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