Doing Business in South Korea
1. What is the current business climate in your
jurisdiction including major political, economic and/or legal
activities on the horizon in your country that could have a big
impact on businesses?
President Yoon Suk Yeol was elected in 2022, on a platform of
economic development through deregulation and pro-business
policies. He has been introducing and implementing such policies
one year into his five-year term, which includes (i) tax and other
incentives for foreign direct investment in high-tech industries
(e.g. semiconductors, batteries, and biotech), (ii) lower
individual and corporate tax burdens, (iii) deregulation for newly
emerging industries, and (iv) other business-friendly policies, in
general, such as in area of labor-management relationships. We also
note that a general election for the National Assembly is scheduled
for April 2024, which may affect the course of the general
government policy depending on its results.
