Center to aid investment from abroad

In a small but symbolic step toward becoming an Asian financial hub, the Korean government yesterday opened a center to support international business endeavors throughout the nation.

The Fn Hub Korea, located at the Financial Supervisory Service in Yeouido, Seoul, will help foreign financial firms establish themselves locally and Korean firms that want to expand overseas, the financial watchdog said in a release.

“At a time when Korea’s global industrial competitiveness is being challenged on all fronts, we cannot estimate the importance of fostering a dynamic financial industry at home,” said Kim Jong-chang, the FSS governor, at a ceremony to open the center. “Fn Hub Korea renews and reaffirms our commitment to achieving a positive, business-friendly regulatory environment and building a world-class financial center.”

The administration of Lee Myung-bak, the first Korean president with a business background, has pledged to implement deregulation and market-friendly policies to position Korea as a center for Asian finance. Korea is regarded by many as lagging behind rivals such as Singapore and Japan due to the country’s tough financial regulations, high living expenses and lack of an English-speaking workforce, among others.

Kim said the center’s 20 or so workers will provide foreign business professionals with “prompt” and “transparent” one-stop service on wide-ranging regulatory issues. Local financial companies will be given information about laws, financial markets and administrative processes in overseas countries where they want to launch businesses, Kim said.

Jun Kwang-woo, chairman of the Financial Services Commission, said the center “will provide the kind of high-quality services that the market expects from us.”

By Moon Gwang-lip Staff Reporter [joe@joongang.co.kr]