FKCCI participates in the roundtable discussion with MOTIE on the Korean New Deal

The FKCCI, in conjunction with the other European Chambers of Commerce including the BCCK, ECCK, ICCK, KGCCI, and SCCK, participated in a roundtable discussion hosted by the Ministry of Trade, Industry and Energy (MOTIE) and the Office of Foreign Investment Ombudsman, at the KOTRA office on November 5. 

During the meeting, MOTIE’s Deputy Minister of Trade & Investment, Mr. Seung-Sik Na, and Foreign Investment Ombudsman, Mr. Sung Jin Kim, could present the Korean New Deal with a focus on the Green New Deal, followed by a round table discussion where FKCCI could tackle three major topics of the Korean economy and concerns for foreign investors: (1) access to Korean New Deal’s projects, (2) regulations and sandbox projects, (3) standards and certifications. Representatives of companies such as Air Liquide, on the French side, could also take part in the session. 

 

1 - Access to Korean New Deal's projects 

For Moon Jae-In, “the Korean New Deal will set the foundation for Korea’s next 100 years.” Indeed, the South Korean president has great ambitions with the announcement of public funding of 160 trillion KRW (120 billion EUR) invested in projects and businesses related to the Korean New Deal over the next five years. This  

The plan put an emphasis on three pillars - Green New Deal, Digital Transition, and social safety net – following structural changes to the economy and society caused by the global pandemic. 

In this framework French companies, particularly in digital and green sectors, have a role to play and discussion during the meeting stressed the access of foreign investors to those public funds, and fair competition for the access to the public markets. 

Check out the full document on the Korean New Deal

here 

And a focus on the Green New Deal

here 

 

2 - Regulation & Sandbox projects 

Korean officials stated that the government is carrying out deregulations and structural reform to facilitate New Deal projects.  

The MOTIE regularly approves sandbox projects upon application of companies to allow businesses to perform R&D tests which would not be possible with the current regulation. Majors sectors concerned by such projects include future vehicles and transportation (H2 vehicles, batteries, …), sharing economy, new health technologies, energy, food & health and digital convergence. 

 

3 - Standards and Certifications 

During the discussion, representatives of foreign investors stated that they appreciate the effort of the government to simplify testing and certification since the beginning of the Covid-19 crisis to support companies. But KC KS certification can remain a difficulty in many sectors, such as in construction. In that regard, participants stated that a convergence of certifications should be beneficial but with a fair balance between US and EU standards. 

 

The FKCCI will remain active in helping market access issues for its members and French companies and has regularly meeting with Korean officials. Should you have any inquiry please e-mail welcome(@)fkcci.com  

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