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S. Korea vows better biz environment for European firms

All News 11:00 November 29, 2019

SEOUL, Nov. 29 (Yonhap) -- South Korea on Friday vowed to provide foreign companies operating in the country, including European enterprises, with a better business environment by revamping related policies and cutting red tape.

"The government will continue to make efforts to improve local policies to help foreign firms to better contribute to innovation-led growth," Trade Minister Yoo Myung-hee said during a meeting with members of the European Chamber of Commerce in Korea (ECCK).

"We would like to ask ECCK and its members to help promote South Korea-bound investment from European firms, especially in the material, parts and equipment segments," Yoo added.

South Korea's trade with the European Union reached an all-time high of US$120 billion in 2018, according to the Ministry of Trade, Industry and Energy. Investment from European companies also reached a new record of $8.9 billion.

In June, Yoo held a similar meeting with U.S. firms, which was followed by another meeting with foreign firms in the material and parts industry in September.

S. Korea vows better biz environment for European firms - 1


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