KB News Desk
A bill was proposed Tuesday to establish a legal basis for South Korea’s diplomatic missions to shore up Korean companies’ overseas operations.
Proposed by Rep. Kim Gunn of the People Power Party, the “K-business Support Bill” would allow Korean embassies and consulates to assist companies operating overseas by providing information essential to business activities. This includes local economic and industrial trends, as well as changes to local laws, regulations and administrative procedures.
The bill also allows the Minister of Foreign Affairs to implement policies to support overseas businesses, while requiring the missions to provide fair and impartial assistance to them.
Kim said the legislation, once passed, will strengthen institutional support for Korean businesses at a time when global supply chains are being reshaped, and countries are actively adopting policies to protect their own businesses.
“Korean diplomatic missions should actively step in to ensure that our overseas businesses are not disadvantaged by sudden regulatory or institutional changes in their resident countries,” said Kim.
“The bill aims to encourage Korea’s diplomatic missions around the world to become practical support hubs for Korean businesses operating abroad.”
As more Korean companies expand international investments and participate in more large infrastructure and resource development projects, demand for institutional grounds to support Korean companies abroad has been repeatedly raised.
