KCCI report suggests ways to boost domestic consumption

Описание: Although consumer sentiment saw a slight improvement... domestic consumption still remains sluggish following April's ferry tragedy in this country.
And, on this Wednesday... Korea Chamber of Commerce and Industry released a report full of suggestions for breathing new life into the economy.
Kim Ji-yeon reports.
The Korea Chamber of Commerce and Industry,... in a recent report,... has some suggestions for improving the climate in Korea for foreign investment.
The amount of domestic investment in Korea compared to its foreign investment has risen steadily over the past ten years.
The institution attributed this to a reduction in the number of domestic jobs and consumption.
The institution suggested deregulation as a starting point to boost both,... particularly in the field of medicine where Korea possesses one of the highest levels of technologies in the world.
To lure in more foreign tourists,... the K-C-C-I says the establishment of for-profit medical corporations should be allowed... like in the United States, Singapore and Thailand.
The number of medical tourists visiting Korea per year is around one-tenth the amount that go to Thailand.
The K-C-C-I report also suggested delaying the adoption of stricter regulations concerning the labor environment... which include extending the retirement age, expanding maternal leave and reducing working hours,... so that businesses can more easily adapt to changes.
Providing incentives for outsourced manufacturers so they can return and invest in Korea were also suggested... along with a revival strategy that mirrors others in the U.S., Germany and Japan.
In order to boost the country's service sector, the institution says Korea should try to attract at least 10 million tourists from China annually... by simplifying the visa process, expanding high-quality accommodations and fostering service professionals in the tourism sector.
Kim Ji-yeon, Arirang News.