The Park Administration has proposed the creation of a new ministry called, potentially, the Ministry of Future, Creation and Science (MFCS). The name sounds a little better in the Korean language.
The MFCS will be, primarily, involved in promoting investment in research and development. I am hopeful that the MFCS or whatever it will finally be named will not be a tool to simply return taxes to conglomerates. Korea is in desperate need of growth in the SME sector and new businesses to compete with the ubiquitous and, hopefully, the MFCS can play a vital role in satisfying this need.
Other proposed changes in the Korean Administration include:
- Creating the post of Deputy Prime Minister of Economy
- Creation of a Ministry of Maritime Affairs and Fisheries
- Trade Section of Ministry of Foreign Affairs moved from MOFAT and merged into the Ministry of Knowledge Economy
- Korean Food and Drug Administration moved from the Ministry of Health and Welfare to the Office of the Prime Minister
- Creation of the Social Security Commission
- Establishing a National Security Office in Cheong Wha Dae
Sean Hayes may be contacted at: SeanHayes@ipglegal.com. Sean Hayes is co-chair of the Korea Practice Team at IPG Legal. He is the only non-Korean to have worked as an attorney for the Korean court system (Constitutional Court of Korea) and one of the first non-Koreans to be a regular member of a Korean law faculty.
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