Choi Chang-won, First Vice Minister of State Affairs, "Korea Must Establish Itself as a GVC Hub... Let's Create a Favorable Environment for U-Turn Companies"

The Office for Government Policy Coordination and Korea Chamber of Commerce and Industry Hold the 4th Public-Private Regulatory Innovation Policy Council Meeting

[Asia Economy Reporter Kwangho Lee] Choi Chang-won, the First Deputy Minister of the State Council, said on the 7th, "Following the success of 'K-quarantine,' we must leverage South Korea's elevated global status to establish the country as a hub for the Global Value Chain (GVC)."

On the same day, Choi held the "4th Public-Private Regulatory Innovation Policy Council" at the Korea Chamber of Commerce and Industry located on Sejong-daero, Seoul, together with major economic organizations and economic research institutes. He stated, "In the post-COVID era, the global economic structure is being reorganized more conservatively, and rapid changes in the GVC are underway."

Choi urged, "Government ministries should boldly and proactively pursue regulatory innovation to improve the business environment," and requested, "Economic organizations and research institutes should actively convey the difficulties faced by businesses to the government and serve as a bridge to effectively inform the public and companies about the government's regulatory innovation status."

Representatives from economic organizations and research institutes proposed various support policies and institutional improvements that actively utilize recent economic and social conditions such as successful K-quarantine, IT infrastructure, and abundant liquidity.

They suggested easing the standard that requires large corporations to reduce overseas business sites by more than 25% when returning operations to Korea, to support the expansion of reshoring, and creating an innovation-friendly regulatory environment to activate the inflow of overseas talent by improving the qualification requirements and allowable numbers for the E-7 visa for securing overseas professionals.

In response, related ministries stated that the amendment to the Return Law, which relaxes the overseas business site reduction standard if certain conditions are met, has been passed by the National Assembly, and that they will review improvement plans for the proposed regulatory improvements to secure overseas professionals.

Choi expressed, "While gaining an advantage in reshoring competition, we will make all-out government efforts to ensure that overseas startups and excellent overseas talent take root domestically so that South Korea can become a cradle of innovative startups leading the 4th Industrial Revolution."

A government official said, "The contents discussed on this day will be reflected in the future direction of regulatory innovation," and added, "We will continue to listen to the voices of the public and businesses and do our best to facilitate active communication."

This content was produced with the assistance of AI translation services.