• Journal of Arbitration Studies
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• v.24 no.1
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• pp.25-44
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• 2014

Conflict between transnational environmental issues and foreign investment in capital-importing states can be commonly found. Actually, several investor-state dispute arbitration cases like Bilcon v. Canada, S.D. Myers v. Canada, and Metalclad v. Mexico concerned environmental matters. States are worried about their measures for securing the environment might be deemed to go against international investment agreements and foreign investors also are anxious because of excessive regulations. Against this backdrop, stakeholders attempt to strike a balance between securing foreign investment and preserving the environment. This article argues that the investment chapter of the Korea-US FTA tries to solve environment-investment collision in investor-state disputes. Before analyzing the provisions of the investment chapter most relevant to environmental issues, this article points out the most typical types of environmental clauses included in international investment agreements. The investment chapter of the Korea-US FTA has provisions which effectively prevent measures from becoming useless when those measures are legitimate measures relevant to environmental matters. This does not mean that the Korea-US FTA completely solves the conflict between environmental issues and the protection of foreign investment, but still it paves the way for a prudent solution which would hash out this thorny problem.

• Journal of Koreanology Reviews
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• v.2 no.2
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• pp.19-26
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• 2023

This study analyzes the historical events that shaped South Korean Foreign Direct Investment (FDI) and its value to businesspeople. Chapter 2 reviews South Korean FDI literature, highlighting critical studies and a research gap. Chapter 3 strategically separates findings into four major historical events. Every event-from economic liberalization to technical advances-is studied. Chapter 5 offers valuable insights and guidance on how these events affect practitioners. The following chapters aim to promote FDI dynamics understanding and enable businesses and governments to make strategic decisions in South Korea's dynamic economy. Foreign Direct Investment (FDI) history in Korea is significant for practitioners. These events have impacted the nation's economy from the 1960s economic liberalization to modern technology advances. Practitioners must understand these events' far-reaching implications to make informed decisions. The opening up of the economy, chaebols' involvement, financial crises, and high-tech industry emphasis provide excellent lessons. This understanding helps practitioners navigate the global economy, adapt, and be resilient for sustainable economic growth in the Republic of Korea. Thus, practitioners should actively advocate for FDI and economic growth policies with government agencies. Collaboration ensures that the government's strategic vision matches industry practitioners' requirements and goals. By working together, practitioners help create policies that make Korea more appealing to international investors.

• Journal of Korea Trade
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• v.25 no.6
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• pp.1-19
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• 2021

Purpose - This paper aims at analyzing the functions and effectiveness of the cooperation agenda in Free Trade Agreements (FTAs), focusing on the cases of Asian countries. This paper estimates the contribution of this agenda to the sustainable development in Asia by providing the 'side payment' of the economic integration that encourages foreign investment and change in global value chains (GVC). Design/methodology - This study analyzes the functions of the cooperation chapter in FTAs by applying the cooperative game theory and reviewing the structures of the related FTAs. Also, as an empirical study, the existing FTA provisions and related development assistant programs in Asia are reviewed in this paper, especially focusing on the FTAs signed by Korea. Findings - Our main findings can be summarized as follows: The drawback of the economic integration, which would be the imbalanced economic benefit, can be redressed by the cooperation chapter in FTAs functioning as a 'side payment'. Indeed, as the examples of Korean FTAs show, more foreign investment and the GVC expansion in Asian countries have been encouraged thanks to the implementation of the cooperation chapters. Originality/value - This paper attempts to find how a legally binding agreement would influence the cooperation agenda in Asia which has never been analyzed despite the increasing number of so-called 'cooperation' chapters in the FTAs.

• Korean Security Journal
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• no.1
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• pp.135-173
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• 1997

We study on the power of local autonomous fire fighting in Korea. Chapter I which sets out purpose, scope and method, is followed by Chapter Ⅱ , dealing largely with the organization, man-power, equipment, activites of local fire fighting administration and the fire fighting environment. Chapter III made a comparative study on the power of autonomous fire fighting, local budget , fire fighting activities, fire present conditions. It is followed by concluding abservation made in Chapter Ⅳ and Chapter V. We indicated a few disputed points on the power of local autonomous fire fighting and suggested several alternatives to improve our fire fighting administration system. The alternatives suggested are as followes : (1) Reinforcement of the man-power, (2) Regulation of the standard fire fighting power, (3) Improvement of the using on fire fighting facilities tax and state finance, (4) Aplication of the local borrowings, (5) Tax reduction and exemption on the fire fighting equip-ment investment, and so forth.

• The Journal of the Korea Contents Association
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• v.13 no.12
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• pp.702-714
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• 2013

South Korea, China and Japan is struggling for a new economic growth and facing new challenges and difficulties in foreign investment. In this paper, I Studied on the Legal System and Limits or Rules on the Investment Between Korea, China and Japan. First, FTA between Korea, Chin. The trade and economic relations and the investment flows between the three countries were examined. Based on the background of the three countries, it has been studied on the Legal System and Rules in the foreign investment Between Korea, China and Japan. Based on this, and the following were examined. What are the major limits in the foreign investment Between Korea, China and Japan? In the future, what should be included on the FTA investment chapter in FTA between Korea, China and Japan in order to facilitate more investment? FTA between Korea, China and Japan would be an effective means to strengthen the protection of investors and investment facilitation, and investment flows between the three countries will be activated. In the future, FTA between Korea, China and Japan is expected to further promote investment among the three countries. In this regard, in the future, the FTA investment chapter in FTA between Korea, China and Japan should include NT(National Treatment), MFN(Most-Favoured-Nation (Treatment)), Prohibition of the implementation of specific measures, the nationality requirements of management or the board of directors, movement of funds, safeguard measures, expropriation and compensation, compensation for loss, fair and equitable treatment, the settlement of disputes between foreign investors and investment promotion country(Investor-State Dispute Settlement), and other agreement between the three countries.

• International Commerce and Information Review
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• v.7 no.4
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• pp.245-268
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• 2005

The purpose of this paper is to acquire competitiveness faced with a global business so that Korea and China make them put ICT into practice through industrial policy of regional innovation clustering. In the Chapter 2, overall review of industrial spaces theory and the environment in Global-business is conducted. In the Chapter 3, current main economic issue and West Great Development of China are viewed. Chapter 4 proposes models and strategies for the target of regional innovation clustering and phasing in development. The results of this study is that both country should do more long-term cooperation and collecting intensive knowledge for the property of region and preparatory research of regional innovation clustering than do reckless investment.

• International Commerce and Information Review
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• v.15 no.4
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• pp.217-240
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• 2013

The investment environment in Korea and U.S. dramatically changed since Korea-US FTA. The key reasons for this successful change were liberalization and strengthened protection of investment along with trade liberalization which also brought investment market expansion. As the result of trade-diversion effect, investments between two countries have been enormously increased. Through a FTA with the big economy like US, Korea's FTA network has been largely expanded. Korea further needs to utilize this outcome when competing with other countries in investment markets.

• Journal of Distribution Science
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• v.14 no.1
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• pp.93-102
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• 2016

Purpose - The purpose of paper is studying the static and dynamic side for long-term memory storage properties, and increase the explanatory power regarding the long-term memory process by looking at the long-term storage attributes, Korea Composite Stock Price Index. The reason for the use of GPH statistic is to derive the modified statistic Korea's stock market, and to research a process of long-term memory. Research design, data, and methodology - Level shifts were subjected to be an empirical analysis by applying the GPH method. It has been modified by taking into account the daily log return of the Korea Composite Stock Price Index a. The Data, used for the stock market to analyze whether deciding the action by the long-term memory process, yield daily stock price index of the Korea Composite Stock Price Index and the rate of return a log. The studies were proceeded with long-term memory and long-term semiparametric method in deriving the long-term memory estimators. Chapter 2 examines the leading research, and Chapter 3 describes the long-term memory processes and estimation methods. GPH statistics induced modifications of statistics and discussed Whittle statistic. Chapter 4 used Korea Composite Stock Price Index to estimate the long-term memory process parameters. Chapter 6 presents the conclusions and implications. Results - If the price of the time series is generated by the abnormal process, it may be located in long-term memory by a time series. However, test results by price fixed GPH method is not followed by long-term memory process or fractional differential process. In the case of the time-series level shift, the present test method for a long-term memory processes has a considerable amount of bias, and there exists a structural change in the stock distribution market. This structural change has implications in level shift. Stratum level shift assays are not considered as shifted strata. They exist distinctly in the stock secondary market as bias, and are presented in the test statistic of non-long-term memory process. It also generates an error as a long-term memory that could lead to false results. Conclusions - Changes in long-term memory characteristics associated with level shift present the following two suggestions. One, if any impact outside is flowed for a long period of time, we can know that the long-term memory processes have characteristic of the average return gradually. When the investor makes an investment, the same reasoning applies to him in the light of the characteristics of the long-term memory. It is suggested that when investors make decisions on investment, it is necessary to consider the characters of the long-term storage in reference with causing investors to increase the uncertainty and potential. The other one is the thing which must be considered variously according to time-series. The research for price-earnings ratio and investment risk should be composed of the long-term memory characters, and it would have more predictability.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.38
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• pp.181-226
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• 2008

The purpose of this paper is to describe the settling procedures of the investor-state disputes in the FTA Investment Chapter, and to research on the international arbitration system for the settlement of the investor-state disputes under the ICSID Convention and UNCITRAL Arbitration Rules. The UNCTAD reports that the cumulative number of arbitration cases for the investor-state dispute settlement is 290 cases by March 2008. 182 cases of them have been brought before the ICSID, and 80 cases of them have been submitted under the UNCITRAL Arbitration Rules. The ICSID reports that the cumulative 263 cases of investor-state dispute settlement have been brought before the ICSID by March 2008. 136 cases of them have been concluded, but 127 cases of them have been pending up to now. The Chapter 11 Section B of the Korea-U.S. FTA provides for the Investor_State Dispute Settlement. Under the provisions of Section B, the claimant may submit to arbitration a claim that the respondent has breached and obligation under Section A, an investment authorization or an investment agreement and that the claimant has incurred loss or damage by reason of that breach. Provided that six months have elapsed since the events giving rise to the claim, a claimant may submit a claim referred to under the ICSID Convention and the ICSID Rules of Procedure for Arbitration Proceedings; under the ICSID Additional Facility Rules; or under the UNCITRAL Arbitration Rules. The ICSID Convention provides for the jurisdiction of the ICSID(Chapter 2), arbitration(Chapter 3), and replacement and disqualification of arbitrators(Chapter 5) as follows. The jurisdiction of the ICSID shall extend to any legal dispute arising directly out of an investment, between a Contracting State and a national of another Contracting State, which the parties to the dispute consent in writing to submit to the ICSID. Any Contracting State or any national of a Contracting State wishing to institute arbitration proceedings shall address a request to that effect in writing to the Secretary General who shall send a copy of the request to the other party. The tribunal shall consist of a sole arbitrator or any uneven number of arbitrators appointed as the parties shall agree. The tribunal shall be the judge of its own competence. The tribunal shall decide a dispute in accordance with such rules of law as may be agreed by the parties. Any arbitration proceeding shall be conducted in accordance with the provisions of the Convention Section 3 and in accordance with the Arbitration Rules in effect on the date on which the parties consented to arbitration. The award of the tribunal shall be in writing and shall be signed by members of the tribunal who voted for it. The award shall deal with every question submitted to the tribunal, and shall state the reason upon which it is based. Either party may request annulment of the award by an application in writing addressed to the Secretary General on one or more of the grounds under Article 52 of the ICSID Convention. The award shall be binding on the parties and shall not be subject to any appeal or to any other remedy except those provided for in this Convention. Each Contracting State shall recognize an award rendered pursuant to this convention as binding and enforce the pecuniary obligations imposed by that award within its territories as if it were a final judgment of a court in that State. In conclusion, there may be some issues on the international arbitration for the settlement of the investor-state disputes: for example, abuse of litigation, lack of an appeals process, and problem of transparency. Therefore, there have been active discussions to address such issues by the ICSID and UNCITRAL up to now.

• Journal of Arbitration Studies
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• v.23 no.2
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• pp.55-79
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• 2013

As arbitration becomes an increasingly popular mode of resolving disputes, neighboring industries begin to take notice. This interest is reflected in the increasing utilization of third party funding in international arbitration claims. In this regard, the third party funding industry appears particularly interested in investor-state arbitration claims because they typically involve considerable claim amounts and substantial legal fees. To examine this trend more closely, this paper, firstly, examines the investor-state arbitration more precisely in Chapter II. In Chapter III, this study continues to examine some legal issues which can arise as a result of a conflict of interest between the parties to the funding agreement including, inter alia, 1) a dispute in which the funder terminates the agreement during the arbitration proceedings, 2) a dispute in relation to a funder's intervention in arbitration proceedings, and 3) a dispute on the responsibility for adverse costs orders, if any. This paper further identifies major legal issues which can arise in relation to 1) disclosure of existence of the funding agreement, 2) attorney-client privilege. Lastly, in Chapter IV, this paper provides some lessons from an in-depth case study on third party funding agreements and solutions to avoid and to solve prospective disputes in the future.