Kim Gun, a lawmaker from the People Power Party, proposed the "K-Enterprise Support Act" on July 21, aimed at systematically supporting the activities of Korean companies operating abroad through embassies and consulates.
As Korean companies increasingly engage in overseas direct investment and participate in large-scale infrastructure and resource development projects, the need for institutional support to protect and promote their economic activities abroad has been consistently highlighted.
In particular, the impact of "economic external variables," such as changes in host country laws and regulations due to global supply chain restructuring and prioritization of domestic interests, is growing. However, there is currently a lack of legal grounds for embassies and consulates, which serve as official communication channels with local governments, to actively support businesses.
The proposed legislation aims to establish legal grounds for embassies and consulates to carry out support activities for overseas companies. Key provisions of the bill include collecting and providing information on economic and industrial trends and legal changes in host countries, as well as assisting in resolving challenges faced by local businesses.
Kim, a former diplomat, stated, "We must actively utilize the embassy network to ensure that companies operating abroad do not suffer disadvantages from sudden regulatory changes or restrictions imposed by local governments. Through this legislation, I aim to position our embassies worldwide as practical support hubs for our companies' international activities."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.