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[SEJONG – NEWSIS] The Korean government will remove nearly a third of its regulations on trade and foreign investment and ease 10 restrictions that hamper investment, according to the Ministry of Trade, Industry & Energy (MOTIE) on May 13.
MOTIE held the second hearing on trade and foreign investment regulations at the Korea International Trade Association on May 11.
As for trade, the ministry decided to eliminate Article 25 of the “Action the Development of Exhibition Industry” and Article 22 of the “Electronic Trade Facilitation Act” while allowing free trade for some export-import restricted items.
The ministry also decided to simplify procedures for foreign direct investment. Foreign investors will no longer be required to notify changes in FDI notification details, and when a foreign-invested company notifies a tax office of closure of business in accordance with the Value Added Tax Act, business registration will be cancelled automatically.
Source: Newsis (May 12, 2014)
** This article was translated from the Korean.