April 25, 2024

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[THE INVESTOR] The European Chamber of Commerce in Korea on Nov. 27 sought more deregulation and reforms in Korea to spur the economy.

“The European business community desires to support the government to develop the current regulatory framework, which will benefit both foreign companies and the economy as a whole,” ECCK Chairman Dimitris Psillakis said during a press conference, while releasing a white paper on deregulation in Korea.

“As many as 110 experts were involved in drafting the white paper over months. We put a lot of effort in discussing the recommendations,” ECCK Secretary-General Christopher Heider added.

Chairpersons of various industry-specific committees, including representatives from GSK Korea, Groupe SEB Korea, Louis Vuitton, MAN Truck & Bus Korea, Mercedes-Benz Korea, and Nestlé Korea, participated in preparing the policy recommendations and shared their difficulties of doing business in Korea, mainly due to regulations that do not live up to international standards.

Heider noted that the white paper, published for the fourth consecutive year, is a communication tool for constructive discussion.

European Union Ambassador Michael Reiterer observed that recommendations to improve the EU-Korea free trade agreement are also included in the white paper.

“The EU has recently signed modern FTAs with Canada and Japan and I hope that we will have some time to work on revising the Korean one next year,” he said.

Established in 2012, ECCK is a business association of European companies in Korea. Representing the voice of the European business community, it provides members with information, communication and access pertaining to the business and regulatory environment here. Today, the chamber consists of 350 active member companies, representing 50,000 employees.

By Song Seung-hyun (ssh@heraldcorp.com)