(SEJONG = Newsis) Minister of Trade, Industry & Energy Yoon Sang-jick met business leaders of Japanese companies in Korea yesterday and discussed key issues including regulatory reforms.

During a luncheon meeting hosted by the Seoul Japan Club (SJC) at Lotte Hotel Seoul in Sogong-dong, Seoul, the minister heard the Japanese businesses’ grievances and explained the government’s efforts to improve the investment environment. Yoon also called on the business leaders for further investment in Korea.

“I appreciate the Japanese business leaders’ efforts to enhance cooperation between Korea and Japan despite uncertain global economic conditions,” said Yoon. “If the government is to realize the creative economy, it is essential to create more jobs by attracting foreign investment. The government will improve any regulation that hinders investment.”

More than 30 Japanese business leaders, including Ishiyama Hirotsugu, Chairman of the SJC, proposed 51 suggestions to address issues related to intellectual property rights, taxation, finance and labor-management relationships.

The Ministry of Trade, Industry & Energy (MOTIE) said it will carry out a review process in cooperation with relevant authorities and organizations to accept sound suggestions and continue negotiations on other suggestions that are insufficient.

“We believe that most of the grievances of foreign-invested companies can be resolved by exchanging opinions with relevant authorities. That is why we will hold more events similar to the luncheon meeting with the SJC,” said a MOTIE official.

The official also added that MOTIE is set to hold meetings and chairman-level talks with the SJC on a regular basis to share with the Japanese business leaders countermeasures taken by the government to tackle grievances and collect more suggestions for improvement.

oj1001@newsis.com

Source Text

Source: Newsis (April. 14, 2014)

** This article was translated from the Korean.