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'Korea must open market to lure investment'.
(From The Korea Herald)
By Yoo Soh-jung Korea's market needs to open if it wants to attract more foreign investment, says the economic chief of the German city of Hamburg.
"In open markets, investments will always follow the demand, therefore, the demand should be strengthened in Korea," said Gunnar Uldall, minister of the State Ministry for Economic and Labour Affairs of Hamburg, during an interview with The Korea Herald.
Uldall arrived in Seoul on Sunday for a four-day visit with the objective of strengthening the already "excellent trade relationship" between Korea and Germany. The beginnings of Germany's investment relations with Korea date back 40 years.
The country's accumulated investment since 1964 in Korea reached $5.6 billion as of March, making it Korea's second-largest European investor after the Netherlands. Globally, Germany ranks fifth, with the United States in the lead.
Uldall pointed out that to lure more foreigners to the market, Korea needs to adopt a more internationally friendly legal system, which includes increasing the number of foreign lawyers to facilitate business transactions.
In the global market, Korea stands as a relatively important investment destination.
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