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요약정보

1. Greetings
Honorable Chairman Cho Yangho(조양호)‚ Chairman Paul Jacobs (폴 제이콥스)‚ and distinguished guests‚
I would like to express my heartfelt congratulations on the 26th Korea-US Business Council. I am very pleased to be here today with business leaders from Korea and the U.S.
As you are well aware‚ this year marks the 61st anniversary of the Korea-U.S. alliance. The U.S. has been a long friend‚ and an important economic partner forged by the KORUS FTA.
Today‚ I would like to talk about the Korean government's economic policy directions‚ regulatory reform plans to boost investment‚ and ways to further strengthen bilateral trade cooperation.
2. The Current Economic Conditions and Korea's Economic Policy Directions
With slow recovery and possible deflation in some countries‚ concerns are growing over the global economy that it may have entered an extended period of mediocre growth.
Uncertainty still remains in the financial markets due to the different directions in monetary policy responses among advanced economies.
Korea is also not free from low growth trap‚ as recovery momentum weakens due to sluggish investment and uncertainties grow in the global economy.
The government is implementing policies to revitalize the economy and improve its fundamentals in a bold and proactive manner.
First‚ in order to restore consumer confidence‚ we planned the budget for next year in an expansionary manner.
Second‚ Korea introduced three Tax Packages to Boost Household Income‚ to restore a virtuous cycle between corporate rofits and household income.
We also doubled our efforts to improve the livelihoods of the underprivileged with increased support for more job opportunities and small businesses.
In addition‚ the Korean government is moving forward the Three-year Plan for Economic Innovation‚ to improve our economic fundamentals in order to take another leap forward.
The government will expedite regulatory reforms as well as increase investment opportunities‚ and foster promising service industries including healthcare‚ tourism and software.
We will lay the foundation for a "creative economy" by building supportive environment for creative ideas and startups with potential.
We believe that our efforts will not only restore the economic fundamentals‚ but also lay the foundation for our economy to take another quantum jump.
3. Regulatory Reform Plans
I would elaborate more on regulatory reform‚ which is directly related to your businesses.
The Korean government is striving to ease unnecessary regulations in order to turn Korea into a global business hub.
To begin with‚ we introduced Portal for Regulatory Reform to build public consensus for deregulation. We also expanded application of Sunset Clause to implement regulatory reform in a steady and systemic manner.
Starting from next year‚ we will introduce Cost-in‚ Cost-out rule to prevent new regulations from being proposed.
As a result of these efforts‚ the World Bank recently ranked Korea 5th out of 189 countries‚ in the Ease of Doing Business index.
I strongly recommend the members of the Council to invest in Korea with trust in the government's efforts.
4. Korea-US Trade Cooperation
Marking the second anniversary of the KORUS FTA‚ the agreement has proven that it is mutually beneficial to the two nations by expanding bilateral trade and investment.
As it is still in early stage of implementation‚ some trade issues may arise.
However‚ I believe that we could solve any issues arising from the implementation of the KORUS FTA based on our mutual trust‚ in the manner how the two governments resolved trade issues such as rules of origin.
Meanwhile‚ Korea is currently reviewing its joining in the Trans-Pacific Partnership(TPP). I ask all members of the Council continue to show your strong su

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