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Reform
Party candidate vows ‘uncompromising business-friendly Korea’
By Lee Gyu-lee, The
Korea Times - Presidential candidate Lee Jun-seok of the minor conservative
Reform Party pledged Thursday to ease regulatory restrictions as part of his
campaign to revitalize Korea’s industries.
During a special
dialogue with the American Chamber of Commerce in Korea (AMCHAM) in central
Seoul, Lee emphasized the need for deregulation to align Korea with the
standards of leading economies.
“Korea will be a
business-friendly country without compromise … It's time for reform," Lee
said.
"We will remove
outdated regulations that serve no public good. We will end overregulation,
limiting the fear of unfamiliarity with new technology and ensure (foreign
companies’) operations in Korea are guided by predictable rules, transparent
processes and fair treatment."
Noting Lee’s stance on
deregulation aligns with AMCHAM’s longstanding efforts to improve Korea’s
business environment, AMCHAM Korea Chairman James Kim welcomed the
40-year-old's vision for reforms to make Korea a more competitive destination
for foreign investment.
“His political acumen,
exceptional intellect and global perspective make him an invaluable asset to
Korea,” he said. “I think that he offers a fresh and dynamic vision for Korea.
I believe that he would be very good for the U.S-Korea relations.”
Lee noted that
deregulating and bridging the gap between Korea and the United States to
facilitate business operations in both countries will be key issues if he is
elected, adding that he envisions Korea becoming a benchmark country for U.S.
companies across industries.
“Any business that can
be done in San Jose or in Texas should be allowed in Seoul. Korean companies or
American companies cannot adjust to the double standards,” he said.
“We are redesigning our
approaches to industrial policies, moving from top-down control to bottom-up
innovation. That means faster approvals, more flexible labor, integration
policies and better access to R&D incentives and infrastructure.”
He also added that he
would introduce institutional measures to protect foreign investors, such as
independent regulatory review boards, economic impact assessments for major
laws and dispute resolution mechanisms.
The candidate promised
to cut the national corporate tax to give regional governments more authority
to set tax rates for businesses in their areas.
“My promise is to cut
the national corporate tax from 10 percent to 7 percent and get that margin of
three (percent) to the regional government," he said.
"It will mean that
the regional government can choose to shrink that number down to zero or, if
confident, they can raise the numbers to six or seven and collect more taxes,”
he said. “By doing that we can bring in more investors into Korea.”
He also expressed his
willingness to offer major tax cuts to multinational companies that will
relocate their Asia Pacific headquarters to Korea.
Regarding the ongoing
tariff negotiation issue with the Trump administration, the candidate said he
will have to ask for more time, yet has “a lot of things” he can convince the
U.S. President with.
“I'm going to just try
to convince them with some basic principles that free and open trade can be
beneficial to both countries. And at the same time, tariff barriers cannot be a
determinate solution for defense against China or other countries,” he said,
adding he will emphasize Korea’s involvement with the U.S.’ security interests.
