The Cabinet approved the Amendment Bill of the Foreign Exchange and Foreign Trade Act on October 18, 2019.
While respecting the principle of free investment, the Act requires prior-notification with screening for investment in certain business sectors designated from the standpoints of: national security; public order and safety; and smooth functioning of economy, as stipulated in the Act.
The Bill aims to:
- Further promote foreign direct investment (FDI) conducive to sound economic growth; and
- Ensure minimal review of FDI that could pose risks to national security.
Particularly, the Bill introduces exemption from the prior-notification requirement and adjusts the coverage of FDI.
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»Updated information is available at the press release on April 24, 2020