Busan City’s “Protocol for Businessmen”

Busan is going to make a regulation, a “Protocol for Businessmen,” in order to boost the sluggish economy in Busan and to create a much more business-friendly environment. It is the first of its kind in Korea.

The city revealed on March 24 that it would enact a law called “The Protocol for Businessmen and Promotion for Business Activities” starting the middle of the next month if the city legislature passes the bill after the city affirms the plan on March 30.

Along with pronounced statements featuring respect toward businessmen, the draft bill includes very specific ways to do like the following: expanding the budget for business operations and providing financial aid for fostering small-and-medium sized companies to those worth as role models for three years; increasing the financial guarantee limits by the Busan Credit Guarantee Foundation; bestowing preferential rights for appointment for delegates to open up new foreign markets; and the right for the participation of exhibition.

Under the law, Busan would establish a “Business Activity Promotion Committee” consisting of city officials and groups relevant to corporations to resolve company complaints. The law would also set up an ombudsman center, which finds out difficulties in running businesses and settles them.

In the proposal, it is expressly stipulated that relevant departments should take follow-up measures as fast as they can if they are asked to change something incontinent to companies. Otherwise, they could face disadvantages, such as inspections.

The city now is planning to dispatch one ombudsman for businesses and two officials responsible for the work after opening a business activity promotion center on the 17th floor of the city hall building as soon as the law is enacted. For the ombudsman, the city is likely to appoint a former entrepreneur or a heavyweight in business circles who understands business well.

The center also will be a reception room for CEOs where they can do simple business work like in a business center when they visit city hall.

In addition, the city has decided to push forward education programs, such as education on the importance of businesses, field trips, and inviting businessmen to give lectures to students with help from the Busan Education Office.

A city official said, “Busan has decided to enact regulations for entrepreneurs to focus on business management while creating an environment in which people respect businessmen and treat them well.

Yong-Hwi Jo silent@donga.com