Seoul, December 08 (QNA) – The South Korean Ministry of Industry announced Thursday that South Korea will ease regulations on imports of electric vehicles, chemicals and other items in an effort to attract more foreign investment into the country.
The ministry said this is part of 40 major measures the government has come up with to set import and investment rules, after a total of 454 applications were submitted by foreign companies inside Korea earlier this year.
The largest share of demand, or 27 percent, was related to examination and certification rules, followed by environment and labor regulations, according to the Ministry of Trade, Industry and Energy.
Among the measures, the government decided to review the process and requirements of tests required on imports of electric cars and hybrid electric vehicles to meet international standards.
Korea will also ease rules on importing banned chemicals and foreign companies’ management of facilities within free economic zones.
(QNA)