Эволюция политики стимулирования иностранных инвестиций в экономику Южной Кореи после финансового кризиса 1997 г.

Abstract

Korea is actively promoting foreign investments to overcome the crisis situations and to implement structural transformations in the economy of the country. However, the modern policy of foreign capital attraction has not been shaped at once and has gone through a number of stages. Direct foreign investments are very convenient because they allow stable use of foreign capital for a long time without payment of interest. Besides, they give other positive results such as raising employment, introduction of new technologies and modern management techniques. But despite these positive points there was such a situation in the Republic of Korea when the population was against foreign companies' taking over Korean companies and entering Korean domestic markets. In 1997 South Korea suffered the currency crisis. In those conditions the government intensified its efforts on attracting direct foreign investments into the country, considering this activity as a way to overcome the continuing economic crisis. As a result, a new law on promoting foreign investments was adopted and came into force on February 17, 1998. This law did not only cover new investments from abroad but also promoted economic and investment activity of the transnational corporations already operating in Korea. The government reduced the restrictions on the foreign investments quotations at the Korean stock exchange. These measures resulted in a better dynamics of the investments attracted. It is necessary to constantly improve legislation to attract foreign investments into the economy. Still more important is precise observance of the legislative norms regarding the rights and guarantees of foreign investors.