April 1, 2005: Headlines: COS - Korea: Country Director - Korea: Law: Investment: The Korea Times: RPCV Timothy J. O’Brien Suggests Korea Boost Investment Publicity
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April 1, 2005: Headlines: COS - Korea: Country Director - Korea: Law: Investment: The Korea Times: RPCV Timothy J. O’Brien Suggests Korea Boost Investment Publicity
RPCV Timothy J. O’Brien Suggests Korea Boost Investment Publicity
RPCV Timothy J. O’Brien Suggests Korea Boost Investment Publicity
International Lawyer Suggests Korea Boost Investment Publicity
By Kim Yon-se
Staff Reporter
A renowned international lawyer said Friday that South Korea is drawing fewer foreign investors than it deserves because of somewhat exaggerated militancy of trade unions and lack of publicity activities by the government.
Just like the local stock market, which is undervalued due to the ``Korea discount,’’ the image of trade unions as hostile and uncooperative, as depicted by foreign media, is hurting incoming foreign investment, he said.
``Due to international media’s frequent reporting on strikes of Korean unionized workers, foreigners tend to believe the nation is terrible in doing business due to labor issues,’’ Timothy J. O’Brien, a senior foreign legal counsel of Shin & Kim, told The Korea Times.
``The damage to Korean firms from labor unions’ activities is usually smaller than that on American counterparts,’’ he said, adding that the scale of unionized workers is not so big here.
O’Brien said Korea is one of the most attractive spots for investors, but it is attracting less investment than other foreign countries whose investment climate is worse.
Therefore, efforts to correct this distorted image of Korea are crucial, he said. He advises the government push ahead with more effective public relations and other publicity steps.
Before starting his new career as a lawyer here, he worked as an English teacher and U.S. Peace Corps regional director in Seoul, Kunsan and Taegu since 1967.
After joining the domestic law firm Shin & Kim on Mar. 2, O’Brien, as a mergers and acquisitions (M&A) expert, is providing legal services for foreign investment funds seeking to invest in Korean companies.
He said he uses rigid standards to screen foreign funds’ eligibility for investment in Korea. But O’Brien said that the government should provide equal treatment to both foreign and domestic capital.
``It is important for the Korean government to conduct equal oversight of domestic and foreign capital. Under equivalent regulations, no foreign fund would reap unfair gains or raise objections to the Korean government.’’
He is one of few lawyers well-versed with the Korean market on Wall Street and worked for Coudert Brothers, a global law firm after graduating Havard Law School in 1976.
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Story Source: The Korea Times
This story has been posted in the following forums: : Headlines; COS - Korea; Country Director - Korea; Law; Investment
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