Na, S. and M. Newman (1995, June 22). "Business Agenda." Far Eastern Economic Review, 55-56.4) End-User Imports: Certain items are importable only by their end-users. Major raw materials, for instance, belong in this category, and they account for a major share of Korean imports. Raw cotton imports are supposed to be freely importable and are classified as AA in the Export Import Notices and are not subject to special laws or to surveillance measures. However, a closer look at how cotton imports are handled shows that there are references to the Spinners and Weavers Association of Korea which decides to import certain amounts of cotton. This system thus does not make as clean a distinction between restricted and free imports as might be thought at first glance (Luedde-Neurath, 1986, 96-106). Lee, C.H. (1993). "Capital controls deregulation and foreign direct investment in South Korea." In Joint Korea-U.S. Academic Symposium. New York. 3) Surveillance Measures: These first appeared in 1978 and coincided with serious efforts to liberalize imports in Korea, with the intent being for the government to monitor the effect of the liberalization and to take necessary action when the inflow of foreign goods is found to be causing serious problems to home-based suppliers. Items now require approval from the Korea Trade Agents Association. 4) Settlement methods. The commercial terms of payment are regulated in Korea. This means that approval must be obtained from one agency for most "standard" methods and from two agencies for most "non-standard" settlement methods. very vulnerable to international market fluctuations. That dependence was reduced somewhat in the late 1980s by the rapid growth of South Korea's domestic market. The nation's attitude toward foreign investment has undergone several changes over the years as well, and these changes were tied to the changing political environment. Foreign investment was not allowed during the 1950s, but in |
