Subscribe | LinkedIn Group

Jan 18, 2013

New Korean Government Ministries under President Park

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
______
SeanHayes@ipglegal.com

IPG is engaged in projects for companies and entrepreneurs doing business in Bangladesh, Cambodia, China, Korea, Laos, Myanmar, the Philippines, Vietnam and the U.S. www.ipglegal.com