Gov't publishes first English version of economic law

An English version of the economic law that would serve as a guide to investment in Korea has been published just in time for the opening of the third Asia-Europe Meeting in Seoul.

The Ministry of Legislation on Tuesday distributed economic laws on foreign investment in Korea both in books and CD ROMs that listed 35 essential domestic economic laws in over 1,300 pages. Consequently, Korea could now remove the stigma that has been attached to its name as a nation without an English version of the economic law. Out of 450 complaints received by the foreign investors¡¯ Ombudsmen office under the control of KOTRA during October, last year, 83 complaints were related directly with the law and the majority of the remaining complaints were somewhat directly and indirectly related to the law.

Included in the English version of the economic laws on foreign investment in Korea are two fundamental laws including the constitutional law and the government organization law, 16 laws pertaining to the foreign investment law, the law related to finance and other supportive laws for foreign investment, 11 laws pertaining to the foreign trading area including the arbitration law for foreign trading and 6 laws pertaining to the restriction of monopoly, the law related to fair trade, the Labor Standard Act and laws related to corporate administration.

The English version of the economic laws on foreign investment in Korea has been created by 50 specialists from both at home and abroad with the Ministry of Legislation for nine months. It incurred 230 million won of expense and was appropriated from the promotional expense for ASEM. The Ministry of Legislation will first distribute the English version of the Economic laws on foreign investment in Korea in books and CD ROMs to participating representatives of countries, economists and media of ASEM. Then the Ministry of Legislation would supply it to foreign economic organizations in Korea, over 7,500 foreign companies, official residences and World organizations such as the United Nations, the IMF, and the WTO.