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| Seo Young-hoon |
Companies grow based upon a foundation of autonomy, diversity and flexibility.
If there were outdated and irrational regulations that obstruct the market at every turn, it would be difficult for a company's growth engine to function properly and it may be also difficult for companies to create more quality job opportunities.
Regulations that restrict business activities and rights of companies, or impose excessive duties that fail to reflect reality should be abolished as soon as possible.
Korea's iron-grip regulation over corporations, driven by the idea of regulatory omnipotence, is becoming a factor making foreign investors reluctant to direct their funds into Korea. When regulations that hinder business activities undermine the autonomy and creativity of the market, the nation's competitiveness suffers as a result.
I sincerely hope that the new administration can abolish unrealistic or opaque legislative regulations and re-examine unpredictable administrative regulations.
Since the onset of the pandemic, world powers are competing to secure their own supply chains rather than looking to outsource. Under such circumstances, Korea needs unprecedented incentives to overcome economies of scale issues and attract investment from foreign-invested companies.
Instability across the globe caused by COVID-19 and grave geopolitical conflicts are putting a burden on the new administration in Korea.
Yet, Korea has managed the pandemic better than any other country in the world, and it is an attractive investment destination thanks to its stable economy.
I believe that this global crisis is an opportunity for Korea to take another leap forward.
As such, I hope that the new administration will make thorough preparations to take advantage of rising opportunities as an entrepreneur.
Seo Young-hoon is the chairman of the Korea Foreign Company Association and the CEO of Solvay Korea.
