Passes amended Telecommunications Business Act
02 Jul 2013
On 13 August 2013, an amendment to the Telecommunications Business Act came into effect. The change allows foreign investors from countries with which Korea has an FTA – in particular EU member states and the United States – to indirectly own up to 100% of Korean facility-based telecommunication businesses with the exception of KT and SK Telecom.
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Type:
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Entry and establishment (Ownership and control)
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Industry:
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Services (Telecommunications)
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Sources:
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Ministry of Science, ITC and Future Planning, Telecommunications Business Act Amendments, http://english.msip.go.kr/english/brd/m_83/view.do?seq=36&srchFr=&srchTo=&srchWord=&srchTp=&multi_itm_seq=0&itm_seq_1=0&itm_seq_2=0&company_cd=&company_nm=&page=1, 14 Aug 2013
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Invest Korea, Foreigners Allowed 100% Stake in Telecommunications, http://www.investkorea.org/ikwork/iko/eng/cont/contents.jsp?code=102060101&no=608300001&url_info=bbs_read.jsp&bno=308160024&sort_num=1249&l_unit=90202&m_unit=&s_unit=, 13 Aug 2013
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National Assembly, Amendment to Telecommunications Business Act, http://korea.assembly.go.kr/res/tra_read.jsp, 02 Jul 2013
