KOTRA "Regulatory Improvement in the Chemical Sector"... Gathering Field Opinions

Webinar Held on the 2nd... Foreign Chemical Companies Convey Challenges

Photo by KOTRA

[Asia Economy Reporter Kim Heung-soon] KOTRA held a 'Webinar for Regulatory Improvement in the Chemical Sector' at its headquarters in Yeomgok-dong, Seoul, and on the 2nd announced that it invited industry officials who requested continuous relaxation of regulations related to chemical substances to listen to their difficulties and opinions.

The meeting was attended by 15 people, including foreign-invested companies (FICs) in the chemical sector, the American Chamber of Commerce in Korea, and the European Chamber of Commerce in Korea. The FIC representatives at the meeting expressed deep sympathy for the role of regulations for the public good, but also pointed out the difficulties of the current system, such as inefficiencies caused by complex administrative procedures and the constant risk of trade secret leakage, emphasizing the need for improvement measures.

In particular, they requested a thorough review with relevant ministries on issues that the industry has consistently raised, such as the scope of information provision for the registration and notification of chemical substances and the relaxation of regulations related to household chemical products.

Kim Sung-jin, KOTRA Foreign Investment Ombudsman, promised, "We will propose reasonable institutional improvements to the relevant ministries so that the health and safety of the public and the value of corporate management can be respected simultaneously," adding, "To this end, we will listen more closely to the voices of experts and the industrial field."

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