European business lobby makes 100 propositions to Korea

Industry

Published: 21 Sep. 2023, 17:29

European business lobby makes 100 propositions to Korea

The European Chamber of Commerce in Korea (ECCK) held a press conference on Thursday in central Seoul with its chairperson Philippe Van Hoof, second from left in front, and the European Union's Ambassador to Korea Maria Castillo-Fernandez, center, in attendance. The chamber put forward 100 recommendations in 17 industries to the Korean government in its 2023 White Paper. [YONHAP]

Korea needs to expand the accessibility of new drugs, allow recycled plastic product imports and avoid a potential regulatory overlap in foreign EVs, the European Chamber of Commerce in Korea (ECCK) advised the government in its White Paper 2023.

This year's edition of the European business lobby’s annual white paper, which is in its ninth year, includes 100 recommendations from 17 industries.

“Broadly, these recommendations cover three main themes — fair and balanced regulation, business impact and sustainability,” Philippe Van Hoof, ECCK chairperson, said during a press conference held in central Seoul on Thursday.

“For these three themes, the pledge by the new administration last year to cut the red tape and to lead a pro-business policy has been very much appreciated by the ECCK and its members,” Van Hoof added.

About 40 percent of the chamber’s recommendations last year have been accepted by the government, according to the chairperson.

The European Chamber of Commerce in Korea (ECCK) Chairperson Philippe Van Hoof attends the press conference held on Thursday in central Seoul. [YONHAP]

In this year’s paper, European pharmaceutical companies called on the Korean government to enhance the accessibility of innovative new drugs for patients, by expanding the risk-sharing system and the pharmacoeconomic evaluation exemption system.

Under the risk-sharing system, health care payers and pharmaceutical companies both share the financial risk in order to enable greater access to expensive new drugs.

“The current health care and insurance system for new drugs, pharmaceutical technologies and pricing schemes in Korea is not sufficiently reflecting the realistic value [of such health care commodities], and also does not reflect the patients’ demand for better access to treatment enough,” Kay Bae, chairperson of ECCK’s health care committee, said.

Bae also suggested systemizing the process of introducing new vaccines into the national vaccine program and adjusting the price of in vitro diagnostic equipment.

The automotive committee requested that local authorities recognize European carmakers that obtained a UN regulation type-approval for battery safety in Europe as satisfying the requirements in Korea.

The energy committee asked for administrative measures to support offshore wind farm projects, such as a unified licensing process and clear guidelines for gathering residents’ consent.

The food committee requested that the government enable imports of food products that use plastics that were sorted and recycled overseas, as the current regulation prevents products using recycled transparent plastic packages produced overseas from being sold in Korea.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]