(MENAFN- QNA) South Korea will continue to improve the business environment for foreign companies to help them grow side by side with local firms, the South Korean Prime Minister pledged Monday.
"Foreign-invested companies take up 20% of South Korea's total export volume, accounting for 6% of the total employment here. They are a major pillar of our economy," South Korea's Prime Minister Chung Hong-won said in a meeting with heads of foreign firms, organized to stress South Korea's push for business-sector deregulation.
The deregulation drive is one of President Park Geun-hye's major campaigns intended to prop up the country's stagnant economy, according to South Korea's (Yonhap) News Agency.
"The country should continuously keep in touch with foreign companies (based here) to locate unnecessary regulations and actively find solutions to them in order to form an environment favorable for foreign firms' business activities," Chung noted.
"South Korea will continue to improve the business environment for foreign-invested firms to be able to grow side by side with domestic companies," the prime minister also vowed, requesting more foreign investment and cooperation in the local government's push to spur the economy and expand employment.
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