Labor Market Flexibility Key to Foreign Investment

Korea Times (Seoul, Korea), March 30, 1999 | Go to article overview

Labor Market Flexibility Key to Foreign Investment


Korea's labor policy focuses on ensuring labor market flexibility and fostering stable ties between workers and employers to bring in more foreign investment, a ranking labor official said yesterday.

``The government is working hard to lift unnecessary regulations and build essential infrastructure to improve the investment environment,'' Kim Sang-nam, assistant minister for planning and management of the Labor Ministry, told about 120 foreign businessmen in a seminar.

The Korea International Labor Foundation (KOILAF) organized the seminar, which was sponsored by The Korea Times along with the American Chamber of Commerce (AmCham) and the EU Chamber.

``Stable labor-management relations and flexible labor market systems are critical for attracting more foreign investment and overcoming the current economic difficulties,'' Kim said.

He added that the Labor Ministry has stationed ``labor inspectors'' exclusively for foreign companies at 46 local labor offices to provide education and consultation on personnel management since last June.

``In order for foreign investors to flourish in the Korean market, maintaining a healthy partnership with workers is of utmost importance,'' said Lee Soo-boo, vice chairperson of the Central Labor Relations Commission. …

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