Outbound Tourism Policy Need of the Hour in India

It is more or less a quarterly gimmick by reporters in the Indian media who cover tourism. Since early 2011, they have been issuing reports (perhaps on ‘dry news days’) that the list of countries whose citizens will be provided Tourist Visa-on-Arrival (VOA) at international airports is being expanded. Do a Google search for ‘India visa on arrival’ and you will know what I mean. Under the policy implemented since January 2010, India currently issues VOA to 11 countries including Japan, Indonesia, the Philippines, Cambodia, Laos, Vietnam, Singapore, Myanmar, Finland, Luxembourg and New Zealand. Citizens of these countries can get a single entry visa on arrival with a maximum validity of 30 days, at Delhi, Mumbai, Chennai and Kolkata Airports. This list is sought to be expanded to include 13...

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European Investors in Taiwan

European investments in Taiwan have been steadily increasing over the past two decades and the dramatic rise has been in parallel with the founding and rapid expansion of the European Chamber of Commerce Taipei (ECCT). The ECCT started with just 50 founding members in 1988. Since then it has expanded to approximately 400 companies and organizations and 700 individual members. As noted by Mr. Freddie Hoeglund, CEO of ECCT, today, European investors account for approximately 30% of all foreign direct investment in Taiwan, making them the largest group of foreign investors in Taiwan, well ahead of the next largest investors, the United States and Japan. “EU investment in Taiwan has exceeded $30 billion, far exceeding investments from the United States of $22.01 billion and Japan of $16.64...

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Tips for Korean Companies Doing Business in India

It is now close to two and a half years since Korea and India implemented the Comprehensive Economic Partnership Agreement (type of FTA), but economic relations between both sides is growing slowly. Although bilateral trade has been growing on an average at 20% annually over the last five years, the investment figures are much more modest. Compared to $2.52 billion in 2001 total trade stood at $ 20.57 in 2011, with a target of $ 30 billion set for 2014. However, Indian investment in Korea is still a low figure of $1 billion, while Korea’s total investment in India is just $2.3 billion. Some of the Indian companies with a presence in Korea are Novelis Inc., Tata Motors Limited, Mahindra and Mahindra, Nakhoda Ltd., and M/s Creative Plastic. Major Korean companies active in India include Hyundai...

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Interview: Mr. Chip Pitts, Vice Chair/Chair Designate, Fairtrade International

Fairtrade International (FLO) is a non-profit, multi-stakeholder association that develops and reviews Fairtrade Standards, assists producers in gaining and maintaining Fairtrade certification and capitalizing on market opportunities. Its mission is to enable the sustainable development and empowerment of disadvantaged producers and workers in developing countries through Fairtrade certification by: setting international Fairtrade Standards; facilitating and developing Fairtrade business; supporting producers in making maximum use of the opportunities offered by Fairtrade certification; and by promoting the case for trade justice in debates on trade and development. FLO is the only organization in the world that specializes in Fairtrade standard-setting. 25 members around the world produce...

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Interview: Mr. Robert McKellar, CEO- Asia Pacific, Savills Asia Pacific Ltd.

The Savills Group, established in 1855, advises on allmatters of commercial, residential and leisure properties. It provides a comprehensive range of advisory and professional property services to developers, owners, tenants and investors alike. These include consultancy services, facilities management, space planning, corporate real estate services, property management, leasing, valuation and sales in all key segments of commercial, residential, industrial, retail, investment and hotel property. The company which is listed on the London Stock Exchange, has an international network of more than 200 offices and associates throughout the Americas, the UK, continental Europe, Asia Pacific, Africa and the Middle East, offering a broad range of specialist advisory, management and transactional...

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Interview: Mr. Kwon Hyouk-se, Governor, Financial Supervisory Service

The Financial Supervisory Service was established on January 2, 1999, under the Act on the Establishment of Financial Supervisory Organizations by bringing together four supervisory bodies-Banking Supervisory Authority, Securities Supervisory Board, Insurance Supervisory Board, and Non-bank Supervisory Authority-into a single supervisory organization. The primary function of the FSS is examination and supervision of financial institutions but can extend to other oversight and enforcement functions as charged by the Financial Services Commission (the former Financial Supervisory Commission) and the Securities and Futures Commission. In an exclusive interview, Mr. Kwon Hyouk-se, Governor, FSS, speaks about his priorities, touching on many topics that are in the news. Uncertainties in the global...

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Interview: Mr. Bahk Jae-wan, Minister of Strategy and Finance

The Korean government, in its announcement of the official economic policy directions for 2012, has projected that the Korean economy grew by 3.8 percent in 2011 and will have a slightly lower 3.7 percent growth for 2012. The nation’s consumer inflation will drop to 3.2 percent, trade will see $16 billion in surplus, and jobs will expand by 280,000, the government further predicted. In order to act preemptively against external threats caused by a slowing global economy, the Korean government will be allowing early access to the budget for the first half next year and boosting the domestic market to stimulate the economy. Meanwhile, Europe’s debt problem and slowing global recovery are expected to hold back Korea’s export and import growth from last years 19.2 percent and 23.2 percent to...

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Interview: Mr. Kwon Do-youp, Minister of Land, Transport and Maritime Affairs

In May 2011, Mr. Kwon Do-youp was appointed as the Minister of Land, Transport and Maritime Affairs (MLTM), prior to which, he was first vice minister in the ministry. The First form of MLTM, named as Mnistry of Transportation, was organized at the time of the establishment of the Korean government on August 15, 1948. Since then the Ministry has been renamed as Ministry of Construction and Ministry of Construction and Transportation and finally was recreated by the Government’s reorganization through merging with the Ministry of Maritime Affairs and Fisheries in 2008. Minister Kwon is an expert official on housing affairs who took the head-post of Housing Division and acted as Director General for Housing Affairs in Ministry of Construction and Transport (MCT). He has shown both professionalism...

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