Republic of Korea: Plan to promote service sectors.
Description
On 28 May 2009, in a statement titled "Detailed Plans to Nurture the Service Sector," the Ministry of Strategy and Finance announced the following policy changes that could affect foreign commercial interests.
1. "export financing and insurance for knowledge-based industries such as IT services and content providing industries such as game and film making will be expanded: from 39.7 billion won in 2008 to 150 billion won in 2009 in the case of export financing, and 207.1 billion won to 330 billion won in the case of export insurance. To give the service sector more SME incentives and support, the government greatly loosened requirements to be classified as SMEs in the service sector: The maximum sales ceiling was raised from 5 billion won to 20 billion won in finance, insurance, IT, medical and welfare services, and in the case of business support service from 20 billion won to 30 billion won."
2. "Foreign educational institutions can remit earnings and teach more domestic students."
3. "Foreign medical services will be available in free economic zones."
Any Evidence-Based Deliberation:
| Question | Result |
|---|---|
| Is there anything in the public record to suggest that evidence of the effectiveness of the proposed measure was considered during official deliberations? | |
| Is there any evidence that alternatives to the proposed measure were considered? | |
| Is there anything in the public record that suggests that empirical evidence informed the comparison across the alternatives available to government? | |
| Was such evidence identified? | |
| Is such evidence publicly available? | |
| Did the official decision-maker in question provide an explanation as to why a chosen measure was favoured over alternatives? | |
| Is there any evidence to suggest that potentially affected trading partners were consulted before the measures were taken? | |
| Is there any evidence that safeguards have been put in place to ensure that implementation of the initiative is transparent and non-discriminatory? | |
| Did the government state its intention to review the measure within one year of implementation? |
Date Discovered:
Implemented: No
Date of inception:
GTA Evaluation: Amber
Source:
Ministry of Strategy and Finance. "Detailed Plans to Nurture the Service Sector," Available at: http://english.mosf.go.kr/issues/policyissues/economic_view.php?sect=law...
Government Response:
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