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. …