South Korea Aspires to Join G8 by 2010
South Korea’s Finance-Economy Minister Han Duck-soo announced that the Korean government will work to become a member of the Group of 10 (G10) by 2010.
During a meeting hosted by the European Union Chamber of Commerce in Korea (EUCCK), Han said that the government will speed up economic reform to improve Korea’s chances of joining the G10 by 2010.
In an article in Korea Times, Han notes "The government aims to transform Korea into an advanced trading nation by strengthening national competitiveness and joining the G10 as small but strong nations in Europe have done."
Currently, the Group of Eight (G8) is an exclusive group of countries with powerful economies, but the G8 is on its way to becoming the G10 with India and China, and perhaps Korea, to reflect the changing global economy.
Han notes the following reforms:
He said that the government originally planned to complete its foreign exchange liberalization plan by 2011, but decided to advance the schedule because of the rapidly-changing economic environment.
Han said that the government will offer stronger incentives to foreign investment through tax exemption and reduction.
He said that the government will expand the scope of outsourcing of non-core business functions to financial firms and to extend the tax refund reassessment claim period from the current two years to three years.
He said also that the government will open the nation’s service market further to give more opportunity for foreign capital to be invested in the country.
"We will pursue deregulation of the medical, education, legal and financial industries to develop the nation’s service sector into a world-class one,’’ he said.
Regarding labor issues, Han said that the government will encourage an autonomous and responsible labor culture to take root, while sternly dealing with illegal labor activities in accordance with laws and principles.
On economic policy, Han, who is also a deputy prime minister, stressed the need for maintaining low interest rates to boost an economic recovery.
Insights
The 2010 goal has also become a popular target for South Korea big business. LG. Samsung, CS, SK, and the Hyundai-Kia Auto Group all have set 2010 as a target date in achieving new levels of production, revenue, profitability, and global market share.
During a meeting hosted by the European Union Chamber of Commerce in Korea (EUCCK), Han said that the government will speed up economic reform to improve Korea’s chances of joining the G10 by 2010.
In an article in Korea Times, Han notes "The government aims to transform Korea into an advanced trading nation by strengthening national competitiveness and joining the G10 as small but strong nations in Europe have done."
Currently, the Group of Eight (G8) is an exclusive group of countries with powerful economies, but the G8 is on its way to becoming the G10 with India and China, and perhaps Korea, to reflect the changing global economy.
Han notes the following reforms:
He said that the government originally planned to complete its foreign exchange liberalization plan by 2011, but decided to advance the schedule because of the rapidly-changing economic environment.
Han said that the government will offer stronger incentives to foreign investment through tax exemption and reduction.
He said that the government will expand the scope of outsourcing of non-core business functions to financial firms and to extend the tax refund reassessment claim period from the current two years to three years.
He said also that the government will open the nation’s service market further to give more opportunity for foreign capital to be invested in the country.
"We will pursue deregulation of the medical, education, legal and financial industries to develop the nation’s service sector into a world-class one,’’ he said.
Regarding labor issues, Han said that the government will encourage an autonomous and responsible labor culture to take root, while sternly dealing with illegal labor activities in accordance with laws and principles.
On economic policy, Han, who is also a deputy prime minister, stressed the need for maintaining low interest rates to boost an economic recovery.
Insights
The 2010 goal has also become a popular target for South Korea big business. LG. Samsung, CS, SK, and the Hyundai-Kia Auto Group all have set 2010 as a target date in achieving new levels of production, revenue, profitability, and global market share.
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