Christoph Heider, President of ECCK, “a better regulatory environment to increase foreign investment”
[Herald Economy = Lee Seung-hwan] “Korea’s regulations need to harmonize with international standards. It is the view of foreign business community that deregulation is urgent in certain industries.”
Christoph Heider, President of European Chamber of Commerce in Korea (ECCK), shared his thought about the regulatory environment in Korea.
“There are regulations in Korea that are not in other countries,” said Heider in a recent interview with the Herald Economy. “There are still unique regulations that were created during the rapid growth of the Korean economy and society in the past.”
Heider is a finance and accounting specialist and Northeast Asian expert who has worked for 15 years at Bayer Korea and Japan before he was appointed President of ECCK in 2013.
Heider said new technology and start-up regulations in conjunction with the fourth industrial revolution are hindering the growth of foreign investment.
“It is important to create a better business environment not only for the foreign companies that are doing business in Korea but also for new entrants who are looking to invest in the country,” he said. “The Korean government is saying that it is actively fostering stat-ups, but there is still high level of regulations.”
Heider emphasized that the more harmonized international standards and the relaxation of regulations for new industries, the more attractive Korea will be for foreign investors.
“Korea has a good industrial infrastructure and a high quality manpower, so it is an investment destination that foreign companies are attracted to,” he said. “If we improve global visibility and other regulations, investment attraction will be better.”
This is the fourth time that the ECCK has published its white paper on Korea’s regulatory situation. The 114-page White Paper contains 123 regulatory recommendations.
Heider said the Chamber recently delivered the White Paper to the Korean government and held meetings with various ministries including Ministry of Trade, Industry and Energy, the Ministry of Health and Welfare, and the Ministry of Environment to discuss about the related regulatory issues and suggestions.
“We know that the Korean government is positively reviewing the contents of the white paper that we have delivered,” said Heider.
Each industry-specific committee met with their respective departments with regulatory improvements suggested, forming a consensus on each other.
Heider believes that if the contents of the regulatory white paper are reflected in the Korean government’s policy making, it would have a positive effect on the overall Korean economy.
“We are representing the interests of European companies, but what is important in our efforts is to further develop Korea’s trade and global business environment,” he said. “If our proposal is accepted, attracting foreign investment will be more active in Korea. “We believe it will be a great help for the Korean government as well as for the job creation and for the related tax revenue.”
[Korea Herald Economy] Interview with ECCK President
A special interview with Christoph Heider, President of ECCK, published in the Korea Herald Economy on December 20.
To read the article in Korean, please click on the following link: [Korea Herald Economy] 크리스토프 하이더 주한 유럽상의 총장…“규제 개선돼야 외국기업 투자 는다” Please find the English translation of the article below:
Christoph Heider, President of ECCK, “a better regulatory environment to increase foreign investment”
[Herald Economy = Lee Seung-hwan] “Korea’s regulations need to harmonize with international standards. It is the view of foreign business community that deregulation is urgent in certain industries.”
Christoph Heider, President of European Chamber of Commerce in Korea (ECCK), shared his thought about the regulatory environment in Korea.
“There are regulations in Korea that are not in other countries,” said Heider in a recent interview with the Herald Economy. “There are still unique regulations that were created during the rapid growth of the Korean economy and society in the past.”
Heider is a finance and accounting specialist and Northeast Asian expert who has worked for 15 years at Bayer Korea and Japan before he was appointed President of ECCK in 2013.
Heider said new technology and start-up regulations in conjunction with the fourth industrial revolution are hindering the growth of foreign investment.
“It is important to create a better business environment not only for the foreign companies that are doing business in Korea but also for new entrants who are looking to invest in the country,” he said. “The Korean government is saying that it is actively fostering stat-ups, but there is still high level of regulations.”
Heider emphasized that the more harmonized international standards and the relaxation of regulations for new industries, the more attractive Korea will be for foreign investors.
“Korea has a good industrial infrastructure and a high quality manpower, so it is an investment destination that foreign companies are attracted to,” he said. “If we improve global visibility and other regulations, investment attraction will be better.”
This is the fourth time that the ECCK has published its white paper on Korea’s regulatory situation. The 114-page White Paper contains 123 regulatory recommendations.
Heider said the Chamber recently delivered the White Paper to the Korean government and held meetings with various ministries including Ministry of Trade, Industry and Energy, the Ministry of Health and Welfare, and the Ministry of Environment to discuss about the related regulatory issues and suggestions.
“We know that the Korean government is positively reviewing the contents of the white paper that we have delivered,” said Heider.
Each industry-specific committee met with their respective departments with regulatory improvements suggested, forming a consensus on each other.
Heider believes that if the contents of the regulatory white paper are reflected in the Korean government’s policy making, it would have a positive effect on the overall Korean economy.
“We are representing the interests of European companies, but what is important in our efforts is to further develop Korea’s trade and global business environment,” he said. “If our proposal is accepted, attracting foreign investment will be more active in Korea. “We believe it will be a great help for the Korean government as well as for the job creation and for the related tax revenue.”