ANNOUNCEMENT 28 May 2009In May 2009, the government of Republic of Korea announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
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=laws_policies&sn=6462
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."