ࡱ> uwnopqrst@ bjbjFF ,, 64@@@h./hll^ʐʐʐʐ>dl4.......$0R2&.ʐʐ.ʐʐ.,ʐʐ..21pEʐ` @o@.%.0./v4c4\E4E|::4 nE ..|ı|trade policies by sector Introduction Manufacturing accounted for a substantial, albeit declining, 26.6% share of Korea's GDP in 2003. The sector is heavily outward oriented, generating almost all of Korea's merchandise exports. Information and communications equipment (mobile phones, PC equipment, and semi-conductors) comprise Korea's single largest export category. Korea is a dualistic economy when it comes to protection. Relatively low manufacturing protection, except for a few pockets of moderate protection (e.g. textiles, clothing, and footwear), contrasts with high levels of protection and low market orientation in agriculture, the most distorted sector. Korea's net agricultural support exceeds the sector's GDP contribution (3.6% in 2003), and is among the highest in the OECD. The average Producer Support Estimate (PSE) for agriculture was 60% in 2003 (equivalent to additional farm incomes of W20.2 trillion), and was highest for rice (74%) and oilseeds (89%). Most assistance involves market price support from trade barriers and price stabilization schemes. These substantially distort agricultural trade and production, and force Korean consumers to pay much higher prices (on average well over double world levels in 2002, or threetimes higher for rice). MFN tariffs averaged 52.2% on agricultural products in 2004 (more than seven times higher than on non-agricultural goods). Agricultural protection also undermines Korea's economic efficiency and tends to penalize efficient exporters, including manufacturers. Although self-sufficiency goals and other "non-trade" concerns underpin agricultural protection, the resulting higher food prices are borne disproportionately by poor consumers. The measures used are an economically inefficient and costly means of achieving food security, and have contributed to surplus production of key commodities, like rice and dairy products. Services accounted for 69.7% of GDP in 2003 (up from 65.3% in 2000). Korea is continuing to de-regulate and privatize the key energy markets of natural gas and non-nuclear electricity, albeit slowly. State monopolies are being relaxed, and majority state-owned enterprises (Korea Gas Corporation (KOGAS) and Korea Electric Power Corporation (KEPCO)) structurally unbundled to facilitate further privatization and market orientation, based on third-party access and sectoral regulation to safeguard competition. However, delays persist, and final arrangements, including the regulators' independence, remain unclear as plans change and many crucial details remain obscure. Restrictive caps still apply to foreign equity (30% for KOGAS, 40% for KEPCO, 30% for KEPCO's five subsidiary power generation companies, and 50% for power distribution and transmission generally). Prices are regulated based on rate of return (on assets) criteria, which encourages inefficiency. Significant cross subsidies between users, although being reduced, also create inefficiencies. A major policy priority and achievement has been the rehabilitation of the financial sector. It has been considerably restructured, especially in banking, where policy reforms have been focused since the Asian financial crisis. Government-led financial restructuring, involving public funds of W161 trillion (one quarter of current GDP) has re-capitalized institutions, mainly banks, and cleaned up loan portfolios. Non-performing loans (NPLs) have fallen in the sector, from 10.4% at end 2000 to 3.6% at end 2003. However, while relatively low for banks (under 3%), NPLs are much higher for non-banks (averaging 6.4% at end 2003), reflecting significant but uneven and incomplete progress in non-bank restructuring. Privatization is well advanced, especially of banks, where state ownership has fallen to about 20%, almost pre-crisis levels (compared with 60% at end 1998). Full foreign equity is allowed in banks, subject to special permission; it has risen, on average, from under 10% at end 1998 to 30% at end-September 2003. The financial sector has returned to profitability, although recent exposures to household credit on real estate and credit cards have reduced it, and required the Financial Supervisory Commission to strengthen prudential measures further. Further restructuring of the non-bank sector, notably investment trust companies and credit card companies, would strengthen the financial sector. The telecommunications market has been de-regulated and fully privatized; the State's remaining share in Korea Telecom (KT) was sold in May 2002. Foreign equity is unrestricted in most services, but is capped at 49% for KT and other basic telecommunications providers. Weaknesses in the regulatory regime have hampered effective competition in basic telecommunications. These weaknesses include: the apparent non-independence of the regulator (the Korea Communications Commission); inappropriate use of the fully distributed cost method (FDC) for setting access prices; and requiring approval instead of a price cap regime to regulate key prices, including in the competitive mobile market. The Government is addressing these issues, and plans, for example, to introduce a marginal cost-based measure for access pricing (long run average incremental cost, or LRAIC) in 2004. Licensing restrictions for new entrants in basic telecommunications could perhaps be further eased, including introduction of a class licensing system. Korea maintains foreign-content quotas on terrestrial and cable television, as well as annual screen quotas on cinema movies. Terrestrial radio and television broadcasting is closed to foreign investment, which is capped at 49% for cable television and 33% for satellite broadcasters. Greater private sector involvement in transport is envisaged, especially in port development. Legislation to restructure the highly-indebted and inefficient state-owned monopoly (Korail) was passed in 2003, and its services unbundled. Based on this legislation, the Korea Railway Network Authority was established in 2004 to handle construction activities, and train operations are to be transferred to the Korea Rail Corporation in January 2005. An independent Civil Aviation Safety Authority was established in 2002 to strengthen aviation safety and security. Agriculture Overview Despite receiving relatively high levels of protection, agricultures GDP share has continued to fall. The share (including forestry and fishing) declined from 4.9% in 2000 to 3.6% in 2003 (TableIV.1); it also accounted for a declining share of total employment (9% in 2003). The sector's labour productivity is little more than one third of the national average. Agriculture's low productivity reflects several factors, including Korea's small-scale farming and lack of capital investment, which hampers its overall efficiency and productivity. Table IV.1 Share of GDP by sector, 2000-03 (Per cent, W billion) Share in GDPa2000200120022003bAgriculture, forestry and fishing4.94.54.13.6Non-agriculture95.195.595.996.6Mining and quarrying0.40.40.30.3Manufacturing29.427.626.926.6Table IV.1 (cont'd)Services65.367.568.769.7Construction8.48.68.69.6Electricity, gas, and water2.62.72.62.7Wholesale and retail trade, restaurants and hotels10.810.810.49.8Transport, storage, and communications7.07.57.57.5Financial intermediation6.97.79.19.1Real estate, renting and business activities13.212.712.812.8Public administration and defence; compulsory social security5.75.95.96.1Education5.05.25.45.6Health and social work2.43.02.93.0Other services3.33.43.53.5a At current basic prices (i.e. excluding product taxes and subsidies). Figures may exceed 100% due to rounding. b Preliminary. Source: Information provided by the Korean authorities. Policy developments Agricultural liberalization is very sensitive politically in Korea. Protection is centred on self sufficiency policies aimed at addressing food security concerns, especially for rice, and other "non-trade" objectives.. Korea believes that any multilateral agricultural liberalization must be sufficiently gradual to take account of the sector's "multifunctionality". Key agricultural commodities of rice, apples and pears were permanently excluded from the KoreaChile free-trade agreement (KCFTA), and tariff reductions deferred on many food items until after the current multilateral negotiations. However, these policies reduce Korea's economic efficiency and penalise Korean, especially poor, consumers through higher prices. Agricultural policy is directed towards achieving balanced national development. Direct payments are being expanded and farm income support strengthened. Agricultural investment and improved technology are also sought, to enhance productivity and thus competitiveness, and to provide consumers with safer and higher quality food. A key policy priority is to reduce high farm debt (W 27.6 trillion in 2002), which has escalated on average to well over 80% of farm income. Farm debt is being restructured at lower interest rates for poor farmers (Act on Special Measures for Debt Reduction of Farmers and Fishermen of 2001). According to the authorities, Korea has fully implemented its multilateral commitments on agriculture, and provides assistance well within ϲʹ obligations. Nonetheless, Korean agriculture receives "high support" and has "very low levels" of market orientation. Producer support (as measured by the OECD's percentage PSE) was 60% in 2003 (down from 68% in 2002); almost double the OECD average (32%). The decline was due mainly to steep rises in world prices for several commodities. Support levels varied substantially, from 19% for eggs to 74% for rice and 89% for oilseeds; disparities have generally widened (Table IV.2). Korea's total agricultural support (net of specific sectoral budget receipts) of W 24.3 trillion in 2003 as a share of GDP (3.9%) was among the highest of OECD members. Over 90% of assistance is market price support (W 18.5 trillion in 2003), paid for by consumers paying higher prices. In 2003, Korean agricultural commodity prices averaged two and a half times world levels (consumer nominal assistance coefficient, NAC, of 2.42), and total transfers from consumers (including on imports) amounted to W 24.2 trillion. Producers' gross farm receipts, on average, were more than doubled (equivalent to W 20.2 trillion additional income) by support (producer NAC of 2.53). Such high levels of support within its ϲʹ commitments suggests that multilateral disciplines have had little impact on reforming Korea's farm policies, and considerable scope exists to increase assistance without exceeding commitments. Table IV.2 Agricultural support by commodity, 1986-88 and 2000-03 (W billion and per cent) 1986-882001-03200120022003aGrains other than wheat and maizePSE (won billion)222218272214170Percentage PSE7377777777Producer NAC3.714.374.374.424.32Percentage CSE-71-66-71-67-59Consumer NAC3.422.993.433.072.46RicePSE (won billion)4,5417,9859,0028,0946,860Percentage PSE8278818074Producer NAC5.624.685.165.073.82Percentage CSE -82-77-80-79-72Consumer NAC5.584.434.964.813.52OilseedsPSE (won billion)157253244260255Percentage PSE7989888989Producer NAC4.788.768.319.258.73Percentage CSE-42-39-42-40-34Consumer NAC1.721.641.731.671.53MilkPSE (won billion)3281,0149641,114965Percentage PSE7368667068Producer NAC3.853.132.943.353.11Percentage CSE-73-67-65-69-66Consumer NAC3.773.032.863.262.97Beef and vealPSE (won billion)5081,4511,3841,5361,433Percentage PSE5469657368Producer NAC2.263.242.883.713.14Percentage CSE-52-67-64-72-66Consumer NAC2.173.092.753.542.98PigmeatPSE (won billion)3117893261,351692Percentage PSE3332145526Producer NAC1.501.571.172.211.35Percentage CSE-32-30-12-54-24Consumer NAC1.501.541.142.171.32PoultryPSE (won billion)138292306331240Percentage PSE5037374132Producer NAC2.141.581.581.701.47Percentage CSE-49-34-34-38-29Consumer NAC2.091.511.511.621.41Table IV.2 (cont'd)EggsPSE (won billion)210613441144Percentage PSE11316619Producer NAC1.011.161.191.061.23Percentage CSE11-11-14-4-17Consumer NAC0.921.131.161.041.20Other commoditiesPSE (won billion)3,4689,3558,53010,0519,484Percentage PSE7162596659Producer NAC3.93........Percentage CSE-63-60-57-64-58Consumer NAC2.742.492.302.802.36All commoditiesPSE (won billion)9,67521,46521,16222,99020,242Percentage PSE7064636860Producer NAC3.422.792.693.162.53Percentage CSE-66-62-59-67-59Consumer NAC2.942.632.473.002.42.. Not available. a Provisional. Note: NAC Nominal Assistance Coefficient; PSE Producer Support Estimate; CSE Consumer Support Estimate. A negative percentage CSE indicates that the domestic price exceeded the world price. Source: OECD (2004), OECD Agricultural Policies 2004; At a Glance, Working Party on Agricultural Policies and Markets, Document AGR/CA/APM/(2004)2/FINAL, 3 June 2004, Table III.13, pp.1267. Market price support, mainly for rice, is implemented through domestic price stabilization schemes, including government purchases and public stockholding, supported by trade barriers. Rice, the staple crop, benefits mainly from an quantitative import restriction. High tariffs, including alternate duties and possibly prohibitive out-of-quota rates, also apply to a many other commodities. At 52.2% (including out-of-quota rates and ad valorem parts of alternate duties) in 2004, the average applied MFN tariff on agricultural products (ϲʹ definition, which includes processed food) is much higher than 6.7% for non-agricultural imports. Moreover, the average fill ratio of tariff quotas is about 70%; tariff quotas, are either utilized, administered or allocated by state-trading entities or industry associations, such as the Agricultural and Fishery Marketing Corporation (AFMC) and the Jeju Citrus Grower's Agriculture Cooperative (CCGAC). This raises potential conflicts between their importing interests and those of their farm constituents. Publicly funded purchase and stock-holding schemes support agriculture by stabilizing prices at higher levels. Such schemes have been operated either directly by the Government, such as by MAF on rice and AFMC mainly on red peppers, garlic, onions and anchovies, or by several cooperatives, especially on crops such as maize, barley and soybeans, run by the NACF. The Government froze the purchase price for rice, barley, maize and soybeans in 2002 and, according to the authorities, in 2003. Rice stocks, which had risen from 19.1% of consumption in 2001 to 28.1% in 2002, decreased to 21.7% (1.1 million tonnes) in 2003. The significance of direct product-specific payments relative to consumer-funded market price support increased, from 1% of producer support in 1986-88 to about 9% in 2002. These payments amounted to W 1.8 trillion in 2003 (W 1.2 trillion in 2001); total government payments, including provision of general support services, amounted to W 5.6 trillion in 2003 (up from W4.6trillion in 2001) (Table IV.3). Direct payments, if sufficiently de-linked from production, are far less distorting than market price support, which being output-based, distort trade and production most by contributing to over-production. Korea has no output-based direct payment schemes per se, but instead makes such payments based on overall farming income, area planted or animal numbers, and input use or constraints. Nevertheless, while likely to be less distorting than output-based assistance, such subsidies still stimulate production and input use, thereby distorting agricultural trade with potentially adverse effects on the environment, even though accompanied by new schemes to help reduce these harmful effects. Direct payments based on area, input use and overall farm income each accounted for 3% of Korea's PSE in 2003; almost all area payments are contingent on having environmentally-friendly farming practices. Such schemes include Direct Payments for Environmentally Friendly Farming for reduced fertilizer and pesticide use. Government-provided general farm services include mainly infrastructure, public stockholding, and research and development. Table IV.3 Direct payments to agriculture, 1986-88 and 2001-03 (W billion) Type of payment1986-882001-03200120022003aSpecificBased on output00000Based on area planted/animal numbers0424260458555Based on historical entitlements00000Based on input use69564538621534Based on input constraints0471821103Based on overall farming income28480432407600Total971,5151,2481,5071,792General servicesResearch and development52362272420393Agriculture schools551485154Inspection services21123117120131Infrastructure3742,3072,2872,1922,441Marketing and promotion033314029Public stockholding394654557676730Total8453,5303,3133,4983,779TOTAL 9425,0454,5615,0055,571a Provisional. Source: OECD (2004), OECD Agricultural Policies 2004: At a Glance, Document AGR/CA/APM(2004)2/FINAL, 3June2004, p. 68. The MAF budget was increased by 6.5% in 2003 to W 8.7 trillion (7.1% of the Government's total budget). A ten-year "blueprint" for developing agriculture was finalized in late 2003, aimed at gradually reducing direct price support and introducing or expanding existing "green box" measures (e.g. public stockholding for food security purposes, decoupled income support and structural adjustment assistance provided through producer retirement programmes). It plans to raise total agricultural investment to W119 trillion to boost rural farm and non-farm incomes, and to compensate farmers for reduced protection. Farmland ownership was deregulated from 2003 (Farmland Act, 2002), including removal of the five-hectare limit outside of the Farming Promotion Area (which accounts for almost half of all arable land). It also allowed agricultural corporations to own farmland. Foreigners, regardless of residence status, may own farm land (excluding rice and barley growing land) provided, as for nationals, they are directly involved in farming. Selected activities (a) Rice Rice is heavily assisted; the domestic price was well over three times world levels in 2003 (consumer NAC of 3.52). The Government's current rice policy was released in April 2002. Core goals included reducing national production to below 5.2 million tonnes annually, cultivation of alternative crops, development of high quality rice, and encouraging greater rice consumption. Policy measures are directed at redressing the over-supply by managing production more efficiently and improving rice quality. Stocks rose by about 50% during 2000-02, but declined by almost 25% in 2003. The goal is to restore demand-and-supply balance by 2005. Rice area cultivated was targeted to fall by 5% in 2003 to 1 million hectares. About one third of rice farms are below 0.5hectares and only about 4% exceed three hectares. The age structure of farmers continues to rise; 56% are over 60 years old. Efforts to raise rice quality include setting a higher price band for better quality rice (W 4,500/kg. in 2003 compared with a standard price of W 2,300/kg.), distributing improved seed varieties, and enhanced processing and marketing using Rice Processing Complexes. A set aside programme was introduced in 2002, covering 27,500 hectares in 2003 (budgeted cost of W 81 billion). Farmers were paid W 3 million/hectare for setting aside paddy fields. A direct payment scheme for rice income stabilization was implemented in 2002. Farmers are paid 80% of revenue losses when the price falls below a base price (set as the five-year average market price) from a predominantly government-financed fund. The authorities indicate that no payments were made in 2003 since the rice price remained above the base level; the scheme's budgeted allocation for 2004 is W95.5 billion. Direct income support for paddy fields continued in 2003, at an estimated cost of W405 billion (W 394 billion in 2002). Minimum basic annual grants are payable to farmers, subject to meeting certain practices, including on environmental conservation; farmers who do not meet environmental standards receive lower subsidies. The quantitative restriction on rice imports was set at 205,228 tonnes of milled rice in 2004 (179,575 tonnes in 2003). Imports are subject to a 5% tariff. Korea has met its multilateral quota commitments; MAF exclusively controls rice imports for use by food processors. According to the authorities, Korea has imposed no mark-ups on imported rice. It is currently negotiating with ϲʹ Members post-2004 trade restrictions for rice (Chapter II). Rice (and barley) are closed to foreign direct investment. Beef The beef tariff quotas were replaced with a tariff-only regime from 2001. Beef imports attract a tariff of 40% in 2004 (41.2% in 2001). Despite rising consumption, production fell by about one-third during 2000-03. The Calf Breeding Stabilization Scheme, introduced in 2001, assists beef producers. Some 90% of cattle farms participate, covering almost 600,000 head. The scheme operated a stabilization price of W 1.2 million/calf and deficiency payments of up to W 250,000 per calf in 2003. The authorities indicate that no payments were made in 2003 since the calf price remained above the base price. Despite the removal of tariff quotas, beef assistance remains high (PSE of 68% in 2003). Foreign direct investment of less than 50% is permitted (since March2001) in cattle raising and meat wholesale. Measures costing W 2.4 trillion by 2010 were implemented after beef liberalization, aimed at improving herd quality and increasing cattle numbers to 2.25 million. Cattle imports are more competitive, costing W 1.66 million per head (including customs and quarantine costs) compared with W2.6million for a domestic animal. Dairy Dairy production is heavily assisted (PSE of 68% in 2003). Tariff quotas restrict imports: relatively high in-quota tariff rates of 20% or 40% apply to dairy products, with much higher out-of-quota rates, of 49.5%, 89% or 176%. Surplus milk rose in line with production, from 8% of production in 2000 to 12% in 2002. Production, and stocks, however, fell by 7% and 35% respectively, in 2003, reducing stocks to 9% of production. Since 2002, the privately owned Dairy Promotion Institution has purchased surplus milk from farmers under a graded price system aimed at balancing supply and demand at stable prices. It sells milk to cheese and other processors through open bidding or forward contracts. Reform plans include the possible introduction of planning production quotas and gradual price decreases for above-quota production to achieve international prices by 2006, and to reduce annual production by 150,000tonnes. Affected farmers are to be compensated. Other The Government plans to extend compensation payments to non-competitive fruit growers adversely affected by the free-trade agreement with Chile. MFN tariffs of 45% on Chilean grapes imported during Korea's off-season (1November to 30 April) are to be removed progressively over ten years; in 2004 the rate is 41.4%. Details of the compensation scheme are still to be determined. The total allocation for compensation from 2004 to 2010 was raised from W 800 billion to W1,200billion. The Government announced in 2001 that it would invest W 700 billion in the agri-fishery sector to strengthen competitiveness and improve incomes. Measures included an increase in agricultural export estates from 15 to 144 to develop exports of kimchi, ginseng, flowers, pork, and chicken, and development of a W 100 billion agricultural investment fund by 2003 to develop bio-foodstuffs and foster venture capital in agriculture. No meaningful working plans have been established to date, and investment under the venture capital fund was W 10 billion in 2002. The tobacco industry was de-regulated in 2001 when the monopoly on importation and sale of tobacco products held by the state-owned entity, the Korea Tobacco and Ginseng Company (KT&G), was abolished. Foreign equity limits in KT&G, which increased from 25% to 35% in 2001 and to 49% in 2002, were abolished in December 2002, along with the maximum individual shareholding limit of 7%. Tariffs of 10%, applied to tobacco products in July 2001, rose in three equal increases to 40% in July 2004. Imported tobacco leaf is dutiable at 20%. The Government established the Tobacco Growers' Fund to assist tobacco farmers to adjust to the deregulated market (Tobacco Business Act, 2001); it is financed by a levy of W 10 per packet on the sale of cigarettes. Fishing In 2003, the total value of fish caught was W 4.8 billion. About 50% is caught in adjacent waters and 22% in distant waters. Korea's large fishing fleet includes many distant-water vessels that operate overseas. The sector's GDP contribution declined from 0.9% in 2000 to 0.7% in 2002, and the fishing population has fallen. Most fishermen are employed in traditional small-scale fisheries based on coastal communities. Declining catches have been largely offset by increased aquaculture production, which accounted for one third of fish production in 2003. Korea has suffered serious resource depletion; many fish species are over exploited. It is implementing a coastal and offshore fishery restructuring project aimed at establishing a sustainable fishery system (Fishery Act, 1995). The scheme provides for reducing the number of fishing vessels, re-adjusting fishing zones, and developing environment-friendly fishing methods. Some 2,500 fishing vessels (mainly offshore) have been de-commissioned, almost half of these since 2000. All fishing vessels must be licensed, including coastal vessels below ten metres in length, and the number of licences has been reduced. A total allowable catch (TAC) has been set for Korean waters. A pilot project was launched in 1999 and a full-scale scheme implemented in 2002; the TAC was set at 231,650 tonnes. It covers five types of fishing (seine, trap, diver, gill net and community) and nine fish species. The TAC is to be maintained and enforced scientifically. The TAC Committee and the Central Committee for Fisheries Coordination sets TACs for each species, based on an annual assessment of fish stocks by the National Fisheries Research and Development Institute: 70% of quotas are allocated equally to fishermen, and the rest on a "first come first served" basis. Quotas are not tradeable. Community-based self-regulation of coastal fisheries has also been encouraged since 2000. Access to Korean waters by foreign fishing vessels is controlled by bilateral fishing agreements; vessels must be licensed. Quotas for foreign vessels are approximately equal to the TAC, which applies only to domestic fishermen. In 2003, there were 1,232 licensed Japanese vessels and 2,531 Chinese vessels. Korean vessels also operate in foreign waters under similar agreements, including with Russia, China, Japan, Tuvalu, Solomon Islands, Kiribati, and Papua New Guinea. Fishing subsidies were W 674 billion in 2002. These financed mainly: fisheries infrastructure; resource enhancement; research; aquaculture, deep-sea fishery and processing development; and support for fishing activities. Aquaculture has generated some negative environmental consequences, such as water pollution. Under the Farming Ground Management Act of 2000, mariculture grounds are left idle for certain periods to facilitate sustainable production, sanitary inspection, and cleaning. Foreign investment in coastal and offshore fishing ventures is generally limited to less than 50%. In coastal fishing, permission is required from the local government. Foreigners wishing to invest more than 50% must obtain permission from the Ministry of Marine Affairs and Fisheries. Fish and fish products are subject to relatively high tariffs of either 10% or 20%. Policy Developments in the Energy Sector With limited natural resources, Korea imports 97% of its energy requirements. Primary energy consumption has risen rapidly, almost fivefold, since 1980. Total energy demand is projected to rise by 3.1% annually until end 2010. The main energy sources are oil (47.6% in 2003), coal (23.7%), nuclear (15.1%), and LNG (11.2%). Industry is the main user (55.5%); residential and commercial demand accounts for 21.4% of the energy market, followed by transport (21.1%). LNG and nuclear sources are forecast to expand further at the expense of oil and coal, with most electricity growth from nuclear power. MOCIE sets energy policy. The Government regulation of the energy sector has traditionally focused on ensuring a stable supply to facilitate economic growth. This has changed since the mid-1990s towards deregulation and privatization aimed at achieving competitive energy markets. Policies have pursued energy diversification aimed at lessening oil dependency to below 45%, including by expanding renewable sources. The government role is changing from direct intervention to indirect coordination based on minimum intervention, and the sector is being restructured. Current objectives of energy policy are to maintain a stable energy supply, increase market efficiency through competition, and establish environment-friendly energy systems. Establishing sustainable energy development based on market-led principles is envisaged by 2010. (i) Petroleum and petroleum products Korea's oil dependence declined from 54% in 1990 to 46% in 2003. All oil is imported, mainly from the Middle East (79.5% in 2003). Diversifying oil imports is a policy goal. Korea was the worlds sixth largest oil consumer in 2002 and the third largest oil importer in 2001. Korea exports some refined petroleum products, mostly sulphur-rich diesel and fuel oil. The oil industry was deregulated in 1998. Imported crude oil is dutiable at a tariff of 3% and refined products at 7%. There are no non-tariff restrictions on imports of refined products. Surcharges applied to imported crude oil and domestically produced refined products finance the Energy Project Special Account. Five private companies dominate the oil refining industry, accounting for over twothirds of the market. Daehan Oil Pipeline Corporation (DOPCO), which owns the pipeline delivering oil products to Seoul, was privatized in 2000. The state-owned Korea National Oil Company (KNOC) handles oil and gas exploration, development and production, and maintains Korea's emergency oil reserves. Most exploration is offshore, where seven concession blocks have been established. MOCIE issues concessions for oil and gas exploration, which also specify future tax treatment in the event of discovery. All concessions issued to date (four blocks) have gone to KNOC. Other energy Natural gas Korea is the world's second and fourth largest importer of LNG (liquefied natural gas) and LPG (liquefied petroleum gas), respectively. All LNG is imported, although small quantities (some 400,000 tonnes annually) of natural gas will be produced from the East Sea gas reserve in 2004. SK Gas and LG-Caltex Gas import just over half of Korea's LPG requirements, while domestic refineries produce the rest. LNG is used mainly for heating (37.6%) and generating electricity (35.1%). The Korean gas industry lacks competition. The highly indebted (US$5.5 billion in 2003) majority state-owned enterprise, Korea Gas Corporation (KOGAS), has a monopoly over the wholesale trade, including imports, storage, transmission, and wholesale distribution of LNG by pipeline. It supplies natural gas to private city gas companies that have territorial monopolies and supply retail users through their distribution pipelines. Wholesale gas tariffs must be approved by MOCIE, and retail gas prices by local governments. Price regulation is essentially by rate of return on assets. The Government announced the restructuring and further privatization of KOGAS in 1999, when it was partially privatized (Natural Gas Industry Restructuring Plan). The plan provided for an independent regulator, the Gas Committee, and a Gas Exchange to facilitate a competitive gas market by instituting an open access regime, including third-party access to LNG terminals for a fee (BoxIV.1). However, the plan slowed in 2000 and subsequent efforts have also lost momentum, owing largely to labour opposition. Legislation to provide for KOGAS's restructuring, including separation of its importation and wholesale activities into three affiliated trading companies, has not been passed. The Government announced in 2003 that it would revise the original plan, including how to spin-off the three subsidiaries, and review whether to allow new entry. Box IV.1: Original gas sector reforms Original plans announced in 1999 to reform the gas sector included: - separating KOGAS's wholesale and import businesses into three trading companies by April 2002; - privatizing two of the trading companies and keeping the other in the hands of KOGAS until fully privatized; - establishing an independent regulator by end 2002; - privatizing the four KOGAS subsidiaries (Korea Gas Maintenance Engineering Co Ltd, Korea Gas Engineering and Construction Co Ltd, Korea Marine Co Ltd and Korea LNG Ltd) and outsourcing services by end 2002; - final privatization of KOGAS by end 2002; - open access to all KOGAS facilities (terminals and transmission networks) by 2003; - a three-phase introduction of competition in natural gas retail services; - competitive supply to large consumers - city-gas supply business to be split between operating facilities and sales - supply competition to small consumers - introducing supply service by LNG tank-lorries to areas not being supplied by the distribution network. Source: OECD/IEA (2002), The Republic of Korea 2002 Review, p. 102. Electricity The majority state-owned Korea Electric Power Corporation (KEPCO) generates 94% of power and handles distribution and transmission. A few independent gas-fired producers, including co-generation facilities, supply electricity to KEPCO under long-term contract. Most electricity is coal generated (28.4%) in 2003, followed by nuclear (28%), gas (25.9%), oil (8.3%) and hydro (6.9%). Thermal electricity is mainly generated from imported bituminous coal, supplemented by domestic anthracite coal, which KEPCO must purchase at nearly twice the price of imported, better quality, coal. The Government compensates KEPCO for the added costs from the Electric Power Industry Basis Fund: the subsidy was W 182.7 billion in 2003 (W 78 billion in 2000). KEPCO is also required to negotiate minimum purchases of natural gas from KOGAS at high prices under "take or pay" arrangements until 2006. A reference price system implemented in 2002 subsidises excess costs of power generated from alternative renewable energy (e.g. solar and wind). MOCIE approves electricity tariffs and controls entry and exit through licensing. Prices are regulated essentially based on rate of return (on capital). Government policy has traditionally supported low (non-commercial) electricity prices by setting reduced rates of return on KEPCO's assets. Cross subsidies between alternative users distort prices, with agricultural and industrial users the main beneficiaries. KEPCO must meet certain "non-commercial" objectives, such as: supplying low-cost electricity to fishing users and remote areas (estimated subsidy in 2000 of W 150 billion); supporting the domestic coal industry (see above); supporting areas adjacent to power plants (W63billion); and supporting the LNG industry. In 2001, funding of these costs (estimated at W1trillion) was transferred from KEPCO to the newly established Electric Power Industry Basis Fund. The Fund is financed by a tax of 6.5% on retail electricity users. Electricity prices are being readjusted aimed at reducing cross-subsidies. The electricity sector is being progressively deregulated and privatized to allow greater competition, according to the Basic Plan for Restructuring the Electricity Industry announced in 1999. The ten-year plan provided for the separation, and privatization, of generating capacity and distribution facilities from KEPCO, which would remain the sole transmission company. KEPCO's state equity had fallen from over 70% to 54.0% by the end of 2003. Maximum permitted foreign equity is 40% (increased from 30% in November 2000), and the largest shareholder must be domestic and own no more than 3% equity. Generation KEPCO's monopoly on non-nuclear power generation was abolished in 1999, and competition was introduced to power generation in 2001 when its power generating operations were spun off into six wholly-owned subsidiaries (Act on Promotion of Restructuring of the Electric Power Industry, 2000). The five thermal power generating subsidiaries are to be privatized. The Basic Plan for Privatization of KEPCO's generation subsidiaries was announced in April 2002. The initial subsidiary to be privatized, Korea Southeast Power Corp, was to be completed in early 2003. Another subsidiary was to have been privatized in 2003 and the remaining subsidiaries no later than 2005. However, the programme has lagged, and privatization of Korea South East Power Corp, through international bidding, was unsuccessful in 2003. This looks like being delayed further, and the deregulation plan is now uncertain. A cost-based electricity trading pool, the Korea Power Exchange, was created in April2001, and a two-way bidding pool has been tested since July 2003. The regulator, the Korea Electricity Commission, was formed within MOCIE in 2002 (Electricity Business Act, 2002). It is responsible for licensing electricity businesses and settling disputes between operators, aimed at facilitating a competitive electricity market. Third-party access by generators to transmission networks is provided for in the legislation. However, it specifies no access pricing regulations, and appropriate cost-based rules for determining inter-connection fees, for example, need to be established. A regulated third-party access system for transmission, requiring non-discriminatory access, was introduced to facilitate trade between generators and large customers, using rate of return on assets to determine the transmission fee. The electricity market, including KELCO, is also subject to general competition legislation administered by the Korea Fair Trade Commission. The division of regulatory roles and responsibilities between the Electricity Commission and the KFTC is still to be determined. Distribution KEPCO distribution subsidiaries were to be formed by end-2002, and privatized along with wholesale and retail competition being phased in by 2009. The plan included six regionally franchised power distribution companies and open access to power transmission grids. However, authorities indicated that this is being re-considered. A Joint Study Group established in 2003 was examining options for efficiently splitting KELCO's distribution activities. The Government would announce a revised plan based on the Group's report, which was due by late May 2004. Coal Korea's production, mainly of high-cost anthracite coal, declined to 3.82 million tonnes in 2001. It is used mainly for power generation (68%) and household use (30%). The state-owned Korea Coal Corporation individually produces most coal (40%). The industry has been substantially rationalized, with many mine closures and job reductions. The Government plans to finalize the Coal Business Rationalization Project by 2005, including divesting its coal interests and reducing annual production to 3 million tonnes. Korean investment in overseas coal joint ventures is encouraged, including through direct participation by the Korea Resources Corporation, and provision of loans. In 2003, 19 projects existed in six countries. The government target is to procure 30% of coal imports from such projects by 2010 (26.8% in 2003). Domestic coal production is supported by direct production subsidies (US$108.2 million in 2004); tariffs on coal imports of 1% and 5%; a 10% discriminatory VAT on imported coal; low-interest investment loans to coal producers by Korea Resources Corporation; and requirements for KEPCO to buy domestic coal at well above import prices (see above). Policy Developments in the Manufacturing Sector Manufacturing as a share of GDP declined to 26.6% in 2003 (29.4% in 2000). Its employment share also fell to 19.0%. High labour productivity is reinforced by substantial capital investment. It is heavily export oriented. About 80% of exports in 2003 were heavy industry products, comprising mainly electrical and electronic machine products, cars, machinery and precision equipment, chemicals, iron and steel, and ships. The single most important export in 2003 was information and communications equipment (17.9%), especially mobile phones (6.9%) and PC equipment (7.6%), followed by semi-conductors (10.1%). Manufacturing output grew by 5.2% in 2003 (8.2% in 2002). Korea's industrial vision for 2010 is to become one of the worlds top four "industrial superpowers", based on strengthening its global position in traditional basic industries of semi-conductors, cars, petrochemicals, steel, machinery, and shipbuilding, but also further expanding exports of digital electronics and other "strategic" industries, such as electronic medical equipment, bio and environmental industrial products, and aviation goods. Policies are directed at improving competitiveness and developing high-value-added advanced technology products based on innovative strategies. The policy objective is to achieve average annual growth in manufacturing of 6.1% until 2010, when the sector's GDP share is projected to fall to 27.4%. A particular concern is that significant manufacturing industries may relocate offshore, especially to China, where production costs are lower. The Government identified ten strategic industries in August 2003 as growth engines. These essentially involve the manufacture of highly innovative, R&D intensive high-technology products and related services. The National Science and Technology Council will have responsibility for developing the necessary technology, manpower, and infrastructure. Targeted investment is W3.5trillion (0.5% of GDP), of which about half will be directly government funded. Textiles and clothing The traditional textile industry is being rationalized, due to increased competition domestically and in third markets from low cost exporters, such as China and Viet Nam. Production shrunk by some 20% between 2000 and 2003. Woven and textile fabrics are the main export. Total textile exports declined from 10.1% of Korean merchandise exports in 2001 to 7.5% in 2003. Textiles and clothing exports are restricted by quotas imposed by the European Union, the United States, Canada, and Turkey under the ϲʹ Agreement on Textiles and Clothing (ATC). MOCIE issues export quotas to these markets under the Textile Quota Operation System (Article 43 of the Overseas Trade Act) by commissioning private export associations (Korea Trade Association and the Korean Apparel Industry Association) to allocate quota to exporters. Korea expects its exports to decline after the liberalization of textile trade, due to fiercer competition from lower labour-cost countries, and is endeavouring to improve competitiveness and to develop high-quality products. Motor vehicles The automobile industry, dominated by Chaebols, has undergone substantial rationalization. After declining in 2001, production growth rebounded to 5% in 2003 (8% in 2002). The Daewoo Motor Company, after bankruptcy in 1999, was taken over by General Motors in October 2002 to form GM Daewoo. A special excise tax applies to motor vehicles to minimize environmental pollution and enhance energy savings, and not to discriminate against imports, according to the authorities. The three-tiered rate structure based on engine capacity was reduced to two tiers in 2004; the highest rate of 10% applies to cars with engines exceeding 2,000 cc (5% for smaller engines). While this tax is non-discriminatory and applied equally to imports, it falls mainly on foreign cars, which generally have larger engines. Provincial and city governments also levy an automobile tax, with the maximum rate applied to cars with engines over 2,000 cc. According to Korean officials, this tax is levied equally on imports. Average tariffs on fully processed transport equipment remained unchanged in 2004 at 6.1%; they range from free to 10% (8% on passenger cars). Used car imports are subject to the same advalorem duty as new vehicles, and no special customs valuation procedures are used (Chapter III). Automobile standards and certification procedures have been simplified. Self-certification replaced type approval from 1 January 2003 for registered manufacturers, whereby they declare their vehicles meet all safety regulations. To be registered by the Ministry of Construction and Transportation, manufacturers must produce over 2,500 vehicles annually, have acceptable testing facilities for meeting safety regulations, and be able to provide after-sale service. Recalls for defective vehicles are mandatory. Fines apply for violating safety regulations and for concealing or falsely reporting defects. Motorcycles exceeding 125 cc engine capacity are subject to a flat ad valorem special excise tax of 5.0%, which is applied equally to imports. No other domestic taxes apply. Tariffs of 8% currently apply to new and used imports, which are subject to no special customs procedures. Motorcycles are banned from highways in Korea for safety reasons. Services In 2003, services, including construction, and electricity, gas and water, accounted for 69.7% of GDP (up from 65.3% in 2000), and about 72.1% of employment. The largest sectors in 2003 were real estate, renting and business activities (12.8%), wholesale and retail trade, restaurants and hotels (9.8%), and construction (9.6%). The potential gains from enhanced competition through market opening and regulatory reforms appear greatest in the services sector, given its lower level of productivity. For example, labour productivity in services is around 60% of that in manufacturing, and the difference is widening. Korea participated in the ϲʹ negotiations on basic telecommunications and financial services. It has an MFN exemption for computerized flight reservation services. The Government submitted initial services offers under the current ϲʹ negotiations in March2003, and would like to see meaningful liberalization in the maritime transport sector. The KoreaChile Free Trade Agreement (KCFTA) covers trade in services. Provisions relate to foreign investment, cross-border trade in services, telecommunications, and temporary entry for business persons, subject to negative lists of reservations for cross-border trade in services and foreign investment. The authorities indicate that the coverage of services liberalization in the KCFTA is broader than Korea's ϲʹ commitments. For example, it has made substantial concessions in educational and legal services, which are not in its GATS undertakings. Also neither country may impose specific performance requirements, such as on exports, as a condition for investment in services. Financial services Financial sector reform after the 1997 Asian financial crisis was central to Korea's recovery. Restructuring focused initially on the banking sector, where the greatest systemic risk to the financial sector existed. Bank restructuring has occurred relatively quickly, assisted by substantial public funds. Non-bank financial restructuring is far less advanced. Reforming non-bank institutions is important to the financial systems stability; they account for almost half of total financial sector assets. Key reform areas include restructuring and privatizing investment trust companies (ITCs), improving soundness of insurance companies and securities houses, and enhancing non-bank supervision. Substantial financial consolidation has strengthened the capital position of institutions and international competitiveness. Some 700 institutions have disappeared since 1997, with almost 650 closures, over 160 mergers; there have been about 70 new entrants (Table AIV.1). Consolidation of non-banks has also been significant, though uneven. Several major bank mergers have occurred, such as Kookmin Bank with Housing and Commercial Bank (November 2001) and Seoul Bank with Hana Bank (December 2002). Two financial holding companies, Woori Finance Group and Shinhan Financial Group were also formed in 2001. In 2003, the number of commercial banks had fallen to 19 (33 in 1997). On the other hand, the number of non-bank financial institutions had increased substantially, with 19 new securities companies, 8 ITCs and 6 insurance companies being established during 1997-03. Financial sector employment has declined by about one third, with most job losses in banks. Financial sector profitability rebounded in 2001 to W 11.0 trillion, after losses of W11.1trillion in 2002. Bank and non-bank profitability increased, helped by stronger capital positions, reduced bad loans, and buoyant consumer demand. However, profitability dropped sharply in 2003 by two thirds for banks and by almost 90% for non-banks, due mainly to losses on unsecured household credit by credit card companies and from exposure to the collapse of SK Global. Commercial bank interest rate spreads, although fluctuating since 1999, have generally narrowed, from around four percentage points in 1999 to about two percentage points in 2003, suggesting a more competitive market. (a) Financial restructuring Government-led financial restructuring occurred immediately after the crisis in 1998, and from September 2000. Total public funding for financial sector restructuring to end-September 2003 was W 161 trillion, equivalent to one quarter of GDP (Table IV.4); the Government directly contributed W19 trillion. Just over half of total public funding was for bank restructuring; most (onethird) was used by the Korea Deposit Insurance Corporation (KDIC) to re-capitalize financial institutions, including insurance and securities companies, and about one quarter by the Korea Asset Management Corporation (KAMCO) to purchase distressed assets and reduce exposure to non-performing loans (those classified as substandard or below (SBLs)). A substantial share of public funds (40%) have also been used to repay deposits in non-bank institutions; no such repayments have been made on bank deposits. Use of public funds declined rapidly, to W 5.8 trillion in 2003 (until end-September). KAMCO's mandate to purchase bad loans ended in November 2002. Table IV.4 Use of public funds for financial sector restructuring, as at end-September 2003 (W trillion) InstitutionKorea Deposit Insurance Corporation (KIDC)KAMCOGovernmentTotalRepayment of depositsRe-capitalizationCompensation for lossesAsset purchasesAggregate injection of funds from end-1997 to end-September 2003 Banks022.213.88.124.618.186.7Non-banks29.225.43.30.914.50.974.3Merchant banks17.22.70.201.6021.7Securities companies06.8001.80.99.5Insurance companies015.92.90.31.8021.0Investment trust management companies00006.606.6Mutual saving banks7.300.20.60.208.2Credit unions4.7000004.7Others00002.402.4Total29.247.617.19.139.119.0161.0Injection of funds during January 2002 to end-September 2003Banks00.10.11.10.101.4Non-banks3.500.600.204.3Merchant banks000.20000.2Securities companies0000000Insurance companies000.40000.4Investment trust management companies00000.200.2Mutual saving banks0.800.10000.9Credit unions2.7000002.7Others00000.100.1Total3.50.10.81.10.305.8Source: Korean authorities. The incidence of SBLs in the financial sector has been reduced substantially, from 10.4% at end 2000 to 4.3% at end-September 2003 and, according to the authorities, to 3.6% at end 2003 (TableIV.5). This reflected KAMCO's purchases of SBLs (mainly from banks), greater market-based lending, and enhanced supervision. The extent of provisioning of SBLs has increased over the same period, on average, from 46% to 63%. SBLs for banks fell from 8% of total loans at end 2000 to 2.3% at end 2002 (12% end 1999), but rose to 3.3% by end-September 2003, before falling to 2.6% by end 2003. For non-bank institutions, the share remains much higher, on average, but has fallen continuously from 23.6% at end 2000 to 9.2% at end-September 2003 and, according to authorities, 6.4% at end 2003. The incidence of SBLs is highest for securities firms and ITCs (25% at end-September 2003, down from 52.6% at end 2000). Insurance companies have a much lower incidence of SBLs (3.7% at end-September 2003, down from 8.5% at end 2000). Table IV.5 Substandard and below loans (SBLs) by selected type of financial institution, 2000 to end-September 2003 Institution/category2000200120022003aBanksTotal loans outstanding (TLO) (W trillion)526.1551.2648.2710.6Substandard and below loans (SBLs) (W trillion)42.118.815.123.2SBLs/TLO (per cent)8.03.42.33.3Net SBLs (net of provisioning) (W trillion)17.19.68.0Net SBLs/TLO (per cent)3.41.81.3All non-banksTotal loans outstanding (TLO) (W trillion)95.3148.7169.6153.3Substandard and below loans (SBLs) (W trillion)22.520.316.714.1SBLs/TLO (per cent)23.613.79.89.2Net SBLs (net of provisioning) (W trillion)10.97.37.8Net SBLs/TLO (per cent)13.05.45.0Insurance companiesTotal loans outstanding (TLO) (W trillion)44.545.250.753.5Substandard and below loans (SBLs) (W trillion)3.82.52.12.0SBLs/TLO (per cent)8.55.54.13.7Net SBLs (net of provisioning) (W trillion)1.41.30.9Net SBLs/TLO (per cent)3.33.01.8Securities firms and international trust companiesTotal loans outstanding (TLO) (W trillion)7.68.96.88.4Substandard and below loans (SBLs) (W trillion)4.04.62.62.1SBLs/TLO (per cent)52.651.738.225.0Net SBLs (net of provisioning) (W trillion)1.51.70.7Net SBLs/TLO (per cent)29.428.314.3TotalTotal loans outstanding (TLO) (W trillion)621.4699.9817.8863.9Substandard and below loans (SBLs) (W trillion)64.639.131.837.3SBLs/TLO (per cent)10.45.63.94.3Net SBLs (net of provisioning) (W trillion)28.016.915.8Net SBLs/TLO (per cent)4.82.52.0a End September. Source: Korean authorities. Private ownership Post-Asian crisis re-capitalization substantially raised state ownership of the financial sector. Public bank ownership especially increased, from 17% pre-crisis to almost 60% at end 1998. Since then, however, the Government has divested some major bank holdings, including selling 51% of Korea First Bank (to foreign interests) in January 2000. KDIC also divested substantial bank equity under the 2002 Plan for Selling Government-Held Bank Shares. This plan involved selling its stake in the Woori Financial Holding Company, which had combined four state-owned banks (Hanvit, Kyongnam, Kwangju, and Peace), Chohung Bank, Seoul Bank, and Jeju Bank, as well as minority interests in the Korea Exchange Bank and the Kookmin Bank. In January 2002, the KDIC listed the Woori Financial Holding Company on the Korean Stock Exchange and sold a stake of 11.8%. In April 2002, 51% ownership of the Jeju Bank was sold to Shinhan Financial Group. Seoul Bank was also sold to Hana Bank in 2002, and Chohung Bank to Shinhan Financial Group in August 2003. In September 2003, Lone Star, a U.S. private equity fund, acquired a 51% stake in Korea Exchange Bank. The Government sold a 9.1% stake in the Kookmin Bank in December 2003. In April 2004, KDIC sold a 21.66% stake in Hana Bank. At end-September 2003, state ownership of banks had fallen to about 20% (TableIV.6). The Government plans to divest further bank holdings. Table IV.6 Government and foreign ownership of commercial banks, end 2003 (Per cent) Commercial bank Type of ownershipGovernmentForeignA. Nation-wide banksChoheung-2.27Woori (formerly Hanvit Bank)Woori Financial Group - KDICa (86.84)-Korea FirstKDIC (48.49), Government (2.95)48.56 (New Bridge Capital)Korea ExchangeEx-Im Bank (14.0), Bank of Korea (6.18)71.04 (Lone Star 51.0, Comerz Bank 14.8)Kookmin-73.56 (ING 3.78)Shinhan-41.93 of SFH (BNP Pariba 3.5)KorAm-89.59 (Carlye Consortium 36.7)HanaKDIC (21.66)43.16 (Alliance 8.16)B. Local banksDaegu-31.31 (SSB SMALL 5, Templeton 2.8) Pusan-38.46 (Capital Research and Management Company 10.4)KwangjuWoori Financial Group KIDCa (86.84)-JejuKDIC (31.96)-Jeonbuk-0.25KyongnamWoori Financial Group KIDCa (86.84)-a Woori (100%), Kwangju (99.99%), and Kyongnam (99.99%) are owned by the Woori Financial group. The KDIC owns 86.84% of Woori Financial group. Source: OECD (2004), 2004 Economic Review Korea, p. 89; and information provided by the Korean authorities. Overseas bank ownership has also increased post-crisis, following relaxation of 50% foreign equity caps on commercial banks in 1999. Foreign ownership of up to 100% is possible, subject to special permission from the Financial Supervisory Commission (FSC). Foreign ownership shares of between 4% and 10% must be reported to the FSC, and its approval is needed to surpass levels of 10%, 25% and 33%. Foreign ownership of banks has increased from under 10% at end 1998 to 30% at end-September 2003; a few banks are majority foreign owned. State ownership of non-bank institutions also rose following the crisis. For example, faced with insolvency, the two largest ITCs, Korea and Daehan, were nationalized in 1999 and the third (Hyundai) was placed under control of the FSC following a failed self-rescue plan. The Government sold an 80% equity stake in Hyundai ITC in February 2004, and plans to sell its holdings in Korea ITC (98.68%) and Daehan (96.68%) during 2004. The State has also divested equity in insurance companies. In December 2002, the state-owned Korea Life Insurance, which has about 16% of the insurance market, was fully sold to the Hanhwa Group. Daishin Life Insurance was also sold. KIDC planned to sell equity in other failed insurance institutions, such as Hasni Life Insurance. There is no restriction on foreign ownership of non-bank institutions, including securities companies and ITCs. Regulatory and supervisory framework Financial sector regulation and supervision is the responsibility of the Financial Supervisory Commission (FSC), and its executive body, the Financial Supervisory Service (FSS). The Securities and Futures Commission (SFC), located within the FSC, supervises and regulates the securities and futures markets. The FSC introduced a "pre-emptive", risk-based supervisory approach in October 2002. It also operates a system of prompt corrective actions (PCA), which allows more proactive and aggressive action against financial institutions showing early signs of distress or mismanagement. Criteria for taking such actions have been strengthened. Prudential regulations apply equally to domestic and foreign financial institutions, in accordance with internationally accepted standards. Korea adopts the BIS Core Principles for Banking Supervision. Bank capital adequacy requirements became fully consistent with BIS rules in January 2000, and Korea applied the revised Basle Accord capital requirements for market risks in January 2001. Banks have exceeded the 8% minimum capital adequacy ratio (11.3% at end-September 2003). The minimum capital adequacy ratio for mutual savings banks was raised from 4% to 5% in 2002. Regular on-site examinations and off-site surveillance of banks and other financial institutions are conducted based on risk assessment. Where problems are detected, the FSC issues management recommendations, requirements or orders, depending upon the severity of the case. The FSC requires banks and other creditors to closely monitor credit risks of corporate borrowers. It introduced a continuous credit risk assessment scheme in 2001 to require semi-annual assessments of debtors. Corporate transparency, including more rigorous accounting and corporate governance, has been improved, through increased focus on external, independent auditors and insisting on higher standards of professional conduct. The FSC has established general accepted accounting principles and disclosure requirements that closely reflect internationally accepted accounting standards. Revised accounting and corporate disclosure requirements proposed by a task force in November 2002 called for greater accountability from management, including personal certification of accuracy of financial statements. Banks At end 2003, 39 foreign banks in Korea operated 61 branches. Although the authorities confirmed that entry of foreign bank subsidiaries in Korea is unrestricted, none operate. Market penetration by foreign banks rose from 6.1% of assets in 2000 to 7.3% in 2003. Banks, including foreign branches, must be authorized and licensed by the FSC in accordance with the Banking Act. There is no limit per se to the number of banking, including foreign, licences, provided the prudential requirements for a licence are met, and it is seen as potentially contributing to the public interest of maintaining a stable financial system. The entry, including location or type of services offered, of foreign bank branches in Korea is unrestricted. The licensing requirements for foreign subsidiaries are the same as for domestic banks, and less stringent for foreign branches. A separate licence must be obtained for each foreign branch; a foreign subsidiary would, however, be able to operate any number of branches without the need for separate licences. Foreign branches must have minimum operating funds of W 3 billion maintained in Korea, and meet the minimum BIS capital adequacy ratio required for domestic banks. Foreign bank branches are also advised to allocate at least 25% of any increase in their won-denominated loans to SMEs (35% if using the Bank of Korea's discount window). A foreign bank branch locating in Korea must have permission from its own regulatory authority and be conducting banking business at home under appropriate supervision, be from a reputable foreign bank, and have the necessary expertise in international banking business. It must also have proper risk management procedures, a viable and sound business plan, and be able to supply the FSC with data needed for supervision. Non-bank financial institution The prudential and supervisory framework of non-bank institutions is similar to that for banks. Merchant banks and mutual savings banks must be approved and licensed by the FSC, and credit unions require approval. Credit-specialized finance companies must be registered and have a business licence from the FSC. They must meet certain minimum capital requirements. Non-bank financial institutions, except for credit unions and mutual credit facilities, must extend a minimum share of their loans to SMEs (25% for merchant banks, 50% for mutual savings banks, and 30% for leases from specialized finance companies). Investment trust companies (ITCs) ITCs must be licensed by the FSC, including foreign companies wishing to establish a branch or office in Korea. An ITC must have an operating fund of at least W 3 billion; sufficient facilities and personnel (five or more fund professionals); a sound business plan; international good standing; and be conducting such business overseas. Securities sector Securities and securities-related businesses, such as dealing, brokerage, and underwriting, must be licensed by the FSC. Foreign branches or other business offices must be approved by the FSC according to the type of business. Without such a licence, the foreign branch cannot conduct business with Korean residents. Foreign branches or other business offices must have an operating fund of at least W1billion. To be licensed, foreign securities companies must also have adequate experience and facilities, and have a high international credit rating. Insurance Separate supervisory regimes apply to life insurance and general insurance. Foreign insurers, including foreign branches, may be licensed to operate in Korea. Foreign branches must maintain funds of at least W 3 billion, if wanting to do business with both Koreans and foreigners, or W500million if with mainly foreigners (W100million if only for foreigners). The FSC has adopted the EU-based solvency margin ratio. The market sets insurance premiums (both life and non-life). Korea has liberalized the insurance market. At end 2003, there were 23 life insurance companies, of which three were foreign branches and five were foreign subsidiaries. There were 26non-life insurers, of which 11 were foreign branches. Bancassurance (life and non-life insurance policies provided by banks and other financial institutions) was introduced in August 2003, initially limited to designated branches; the proportion of insurance policies sold from a single insurer has also been restricted. It is to be fully operational by end-April 2007. Consumer credit The FSC introduced several additional prudential measures during 2002 and 2003 following rapid rises in consumer credit and household indebtedness, largely financed by credit cards. These measures included increased minimum mandatory provisioning ratios for household loans and mandatory credit checks on borrowers for mortgage loans using real estate as collateral. Tighter controls on credit card use were also introduced to address the rising delinquency rates, which had more than doubled in 2003 to 14.3%. The Government introduced credit rehabilitation programmes to enable debtors to arrange re-scheduling and other agreed re-financing options. The Consumer Rehabilitation Law, enacted in 2004, assists debtors to gain relief through court mediation without having to declare bankruptcy. A rescue plan was also arranged for LG Card, the largest credit card company, in 2004. It was supported by 15 creditor financial institutions, including ninebanks, and the state-owned Korea Development Bank, also a major creditor of LG Card, has a key role. Deposit insurance Korea operates a partial deposit protection system providing limited coverage of up to W50million per depositor (increased from W 20 million on 1 January 2001). It is administered by KIDC. In 2002, payment claims amounted to W 2.4 trillion, and premiums totalled W 0.9 trillion. Eligible financial institutions are banks, securities companies, insurance companies, merchant banks, mutual savings banks and, until recently, credit unions (Depositor Protection Act). At end 2002, there were 1,555 insured financial institutions, including 40 domestic foreign branches. Insured institutions pay annual premiums of 0.1% of initial capital for banks, 0.2% for securities companies and 0.3% for other institutions. Communications Korea's comprehensive legislative framework governing communications has not changed greatly during the period under review. (a) Telecommunications Korea's telecommunications market especially for mobile services has continued to expand during the period under review. The number of fixed line telephone subscribers fell slightly, from 23.0 million in 2001 to 22.8 million at end-March 2004. The teledensity per population is about 55%; about 92% of households have at least one fixed telephone line. Penetration of cellular phones is also very high, with some 73% of the population currently having a mobile phone. As at end-March 2004, there were 77 Internet Service Providers (ISPs) and 35 million subscribers (74% of population). Telecommunications has traditionally had a "relatively high degree of government intervention and insufficient competition". The sector has been gradually deregulated and opened to competition, including from foreign providers, since the mid 1990s. All telecommunication markets are open to new entrants (since 1998). The Government no longer has any commercial interest in telecommunications after fully privatizing the dominant carrier, Korea Telecom (KT), in May2002, when it sold its remaining 28% equity. The ceiling on foreign ownership of KT was also raised from 33% to 49%, as for other facility-based service providers (FBTs). The individual ownership limit of 15% was removed in August 2002. No foreign ownership limits apply to special telecom service providers (STs) or to value-added telecom service providers (VATs). Korea has unilaterally liberalized its foreign ownership regime beyond its ϲʹ obligations (Table IV.7). Since the last Review of Korea, the telecommunications sector has developed at a remarkable pace, reflecting the rapid spread of high-tech services and greater competition. Table IV.7 Facilities-based telecommunications liberalization Item and carrierBefore 1998ϲʹ obligationCurrent situationLimits on individual ownership KT Other carriers 1% Wireless 33%; Wired 10% 3% from 1998 33% for both from 1998 No limit from August 2002 Limits on total foreign ownership KT Other carriers  Prohibited Wireless 33%; Wired banned 20% from 1998; 33% from 2001 33% from 1998; 49% from 2001 49% from direct foreign ownership and foreign-deemed judicial personsLargest foreign shareholder KT Other carriers Prohibited Prohibited Prohibited Allowed from 1999 Prohibited but no limit if 5% or under No limitMergers and acquisitions in telecom service carriers KT Other carriers Prohibited Transfer to non-basic telecom carriers prohibited Not applicable Not applicable Merger of FBT or acquisition of part of whole of FBT business requires permission from Ministry of Information and CommunicationsResale Voice Other Prohibited Not applicable 49% from 1998; 100% from 2001 100% from 1998 100% from 2001 100% from 1998Source: Ministry of Information and Communications. Market structure There are 33 FBT licences, 390 ST licences and 6,363 VAT licences. Two carriers supply local calls (KT and Hanaro Telecom); four compete in the national long-distance market (KT, Dacom, Onse, Hanaro), five in the international market (KT, Dacom, Onse, Hanaro, and SKTelink), and three in mobile services (SK Telecom, KTF, and LT Telecom). KT is by far the dominant carrier in non-mobile services, it has 95.4% of the local market, 77.1% of the long-distance and 39.7% of the international markets; it is the only integrated operator providing all three services. Regulatory regime Despite a number of reforms to liberalize telecommunications and introduce competition, several regulatory weaknesses in key areas may still hamper effective competition in facilities-based services. Areas requiring tighter regulatory safeguards include creating an independent regulatory authority with adequate powers, having an appropriate cost-based interconnection framework on access pricing, and introducing a price cap regime. The Government is addressing many of these shortcomings. Although the regulatory body, Korea Communications Commission (KCC), is responsible for ensuring fair competition in telecommunications, the Ministry of Information and Communications (MIC) appears to have retained most regulatory responsibility (Telecommunications Basic Act, 1997). The KCC, which is located within the MIC, seems to be largely advisory, with minimum regulatory power. KCC therefore appears to fall short of being an independent regulator with sufficient authority over licensing, pricing, and other regulatory safeguards to ensure a competitive market: the MIC seems to perform the major regulatory role as well as being responsible for telecommunications policy and industry promotion. This lack of separation of functions, at least potentially, raises efficiency and conflict of interest concerns. The OECD has recently recommended that the KCC should be transformed into an independent regulator to clearly differentiate MIC's policy from its regulatory responsibilities. Korean authorities believed that the KCC was sufficiently independent and had adequate regulatory powers to be an effective regulator. Both the MIC and the Korea Fair Trade Commission (KFTC) have responsibility for controlling anti-competitive behaviour in telecommunications; the sector is not exempt from the Monopoly Regulation and Fair Trade Act. Respective legislation calls for consultations and coordination between the MIC and the KFTC, such as in situations of unfair competition and when enacting legislation with possible anti-competitive effects. The MIC and KFTC share jurisdiction over mergers and acquisitions. The precise anti-competitive and regulatory roles of the MIC and the KFTC are unclear. According to Korean officials, the MIC is responsible for competition policy in the telecommunications sector, and consults closely with the KFTC when necessary, such as on mergers and acquisitions, to avoid inconsistent outcomes. The MIC licenses FBT providers. Only Korean domestic entities can apply for an FBT licence; domestic entities and individuals, including foreign with a local presence, can become ST or VAT providers. Different entry limitations apply to each category of provider. FBT providers are subject to authorization, ST providers to registration and VAT providers to notification. FBT licences are differentiated by type of service, so that providers wishing to offer local, long-distance, and international calls require multiple licences. The licensing regime is an open tendering system with a priori no limit on the number of licences. Licence requests are open twice per year, in March and September. MIC must decide whether to grant a licence within 30 days of the application. Criteria used in deciding whether to issue an FBT licence include the appropriateness of the applicants plan and the scale of the proposed telecom facilities, as well as financial and technical capacities. The data requirements for FBT licences seem excessive, according to the OECD: it has suggested that it could be beneficial for Korea to streamline its licensing procedures to reduce entry barriers, based on a priori examination of applicants, including introducing a generalized class licensing system or establishing minimum standards. Officials indicate that Korea is considering adopting a class licensing system. Lump sum payments up-front by FBT applicants of fees of 1-3% of total turnover for fiveyears were abolished in 2002. All wireline FBT operators with revenue exceeding W 30 billion must contribute annually 0.5% of the previous year's revenue to R&D development. The contribution is limited to the operators net profit. FBT providers requiring spectrum must make an up-front lump sum contribution toward the spectrum allocation price. There are no satellite licences. Any company may own a satellite to provide licensed telecommunication services. KT owns the Koreasat. Korea Orbcom is licensed to provide satellite data communications services. Interconnection, access pricing and unbundling of the local loop Legislation requires FBT carriers to provide interconnection to the network, including collocation of facilities to achieve interconnection and local loop unbundling (roaming) (Telecommunications Business Act). It prohibits setting charges for the provision of facilities for roaming, interconnection, and collocation that, for example, "unduly" discriminate in providing these facilities. MIC reviews and sets interconnection charges for individual FBT operators. KCC permits interconnection agreements between market dominant and FBT operators based on these interconnection charges, and also accepts other interconnection agreements between FBT operators. KCC is also responsible for resolving interconnection disputes among FBT carriers. The KFTC also regards "unjustifiably refusing, discontinuing or limiting access to essential facilities" as abuse of dominant market position, and can therefore take action against any unfair refusal to provide access. FBT providers designated by the MIC must provide interconnection, if requested. The criteria used to designate such carriers are that they have essential facilities needed by other providers to operate services, or their market share is above 50% and total market revenue for the previous year exceeded levels set by the MIC (W 3.5 trillion for local and mobile calls, W 1.1 trillion for long-distance calls, and W 500 billion for international calls). Currently only KT and SK Telecom are designated for mandatory interconnection. They are not required to publish standard interconnection offers, but are to form interconnection agreements with operators, when requested, within 90 days. Principles for interconnection and determining access prices are included in the Interconnection Order issued by the MIC. Korea applies the "representative cost system" for fixed-line services, whereby the interconnection charge set for the dominant provider, KT, is applied to other fixed-line FBT carriers. Korea applied the "individual rate system" to mobile services from April 2002, whereby interconnection charges set for the dominant mobile carrier, SKT, are re-adjusted by MIC for other mobile operators. This reduced access prices by 23%, with major savings to consumers. All FBT providers must maintain separate accounting systems for each service, based on the Government's accounting separation methodology. The fully distributed cost method (FDC), is used for determining access prices. It uses average historical costs and distributes common costs among services according to set accounting standards, and includes a set rate of return on investment. This methodology overstates interconnection charges. It is an inappropriate basis for ensuring a competitive market since it allows inefficient costs to be passed on to operators through higher access prices. Efficient interconnection requires prices to be set according to marginal costs, such as the long run average incremental cost (LRAIC). Korea plans to replace FDC with LRAIC in 2004. It is currently examining alternative options, and determining interconnection charges for individual operators. Amendments to the Telecom Business Act in January 2001 secured the legal ground for local loop unbundling. In April 2002, MIC issued guidelines and standards for sharing of KT's wire network; these were revised in November 2003 to reduce user fees. Some 1,000 loops have been used and this is expected to expand. Restricted number portability for local services was introduced in 2003, and Busan and Seoul are to be added in July and August 2004, respectively. Guidelines on carrier pre-selection for long-distance calls were implemented in March 2002. Price regulation MIC operates a price permission system for market dominant carriers who are designated annually. Proposed price changes must be permitted by the MIC. Such price permission also applies if the operator's market share (based on annual sales) is the largest and its annual sales exceed a specified limit (W 3.5 trillion for local or mobile call market). Currently only KT's local calls (both fixed and usage charges) and SK Telecom's mobile calls are covered. The OECD has suggested that such price controls on mobile calls could be removed, and that price-cap regulation could be instead be used in markets where KT was dominant. MIC was considering introducing a reserved notification system to automatically approve price changes, unless opposed by MIC within a specified time period. However, officials indicated this had been postponed given the fragile competitive nature of the mobile market. Universal service obligations All service providers (including mobile services) must contribute to providing universal services. These are defined as basic services that anyone in Korea can use, regardless of time or place, with a "rational" charge (Telecommunications Business Act). MIC has determined these to be local calls, emergency calls, and discount-rate phone services for disabled, low-income households, and for remote areas. KT is responsible for providing these services, subject to reimbursement of a share of costs from other providers. A Virtual Fund was adopted in January2000, whereby operators shared the costs of such services according to respective net revenues Broadcasting and audio-visual The MIC is responsible for radio management policy aimed at ensuring the efficient management of the broadcasting spectrum. To this end, it plans broadcasting transmission, manages the spectrum, establishes radio and television stations, and sets broadcast technical standards. The Ministry of Culture and Tourism determines policy on broadcast content. The Korea Broadcasting Commission (KBC) regulates the transmission and programming of broadcasting programmes, and conducts research to support broadcasting functions. The Broadcasting Reform Committee recommended the formation of a Telecommunications and Broadcasting Committee to combine the regulatory functions of both sectors; this is still being considered. Any broadcaster (terrestrial, satellite or cable, including cable relay) must be licensed by the MIC, based on recommendations by the KBC. There are 33 licensed terrestrial TV channels. Terrestrial radio and television broadcasting are closed to foreign investment. Foreign ownership ceilings of cable television providers were raised to 49% (foreign ownership is prohibited in news coverage). Legislation does not recognize separate DSL operators; FBT carriers provide these services. DSL and CATV operators can provide telephony services to business and residential customers by being a licensed FBT or a registered special service provider. CATV operators may also provide value-added (no voice) communications, such as internet services; internet access services are to be included in FBT operations from June 2004. Competition is reduced by having exclusive monopolies among CATV system operators for each of Korea's 77 CATV broadcasting zones. Satellite broadcasters are subject to a limit on foreign equity of 33%. Foreign content quotas Korea applies quotas on foreign content (Broadcasting Law). Free terrestrial television stations can only transmit foreign programmes for up to 20% of their monthly broadcasting time. Annual quotas also restrict broadcasts of foreign material to 75% for movies, 55% for animation, and 40% for popular music. Foreign content on cable TV is limited per channel to mainly 50% of airtime, with annual quotas of 70% applying for movies, 60% for animation, and 40% for popular music. Foreign re-transmission satellite channels are limited to 10% of total number of operating channels, and Korean firms wishing to re-broadcast satellite transmissions of foreign programmes must have a contract with the foreign programme provider to obtain approval from the KBC. Korea continues to operate an annual screen quota on foreign movies, whereby cinemas must show domestic movies for at least 146 days, reduced to 106 days under certain conditions (Promotion of the Motion Pictures Industry Act). Information technology (IT) Achieving an advanced IT society remains a key government objective. Substantial public investment is being made to upgrade the communications infrastructure to enable advanced information technologies (e.g. e-commerce and e-government) to be implemented in the private and public sectors, to improve efficiency and global competitiveness. Information and communication networks to build an information society based on the Korea Information Infrastructure (KII) are promoted by the Informatization Promotion Committee and the Informatization Promotion Fund (Framework Act on Informatization Promotion, 1995, and the Act on Promotion of Information and Communication Network Utilization and Information Protection, 1986). Korea is ranked first in the world for the number of broadband internet users (21 per 100 persons). The IT industry accounted for 15.6% of GDP in 2002. The Government's Third Master Plan for Informatization Promotion (2002-06) was launched in April 2002 (the so-called e-Korea Vision 2006). It provided a blueprint for continued infrastructure development for the next generation Internet, and for Korea to emerge as the IT hub in North East Asia. An informatization white paper was released in 2002 by the National Computerization Agency calling for Korea to establish itself as the global leader in advanced e-technology. The goals include achieving universal access to the broadband internet by 2005 and 90% of the population using the internet by 2006. Transportation There have been no major changes in Korea's transportation policies during the period under review. The main mode of domestic transport remains road, followed by sea (especially for freight), while international transport is mainly by water (cargo) and air (passengers). Ensuring efficient and modern transport modes is a key government priority, particularly given Korea's prime location as a transit hub in North East Asia. The National Inter-modal Transportation Plan (2000-19) provides the basis for transportation policy. The National Transportation Committee is responsible for planning transportation policy and expenditure. The First Five-year Transportation Infrastructure Investment Plan (2000-04) provides for most expenditure on roads and railways. Maritime transport The Ministry of Marine Affairs and Fisheries is responsible for shipping and port policy, maritime safety and development, including enhancing shipping competitiveness. A key government objective is to develop Korea as a logistical hub of North East Asia, where sea trade has expanded rapidly in line with the Chinese and other regional economies. Korea relies heavily on shipping, and operates a large coastal and international fleet. The Government has taken significant steps to further deregulate and liberalize the shipping industry. Since 1999, Korean flag vessels no longer have priority over international carriers for transporting bulk cargo. Licensing of foreign shipping branches in Korea was also relaxed, and foreign ownership of Korean vessels allowed Regulations were revised in 2002 to allow Korean carriers serving foreign routes to operate between domestic ports. This was expected to reduce transportation costs by allowing substantial cargo previously transported by land to be shipped domestically, such as from Seoul-Incheon to Busan and Gwangyang. Foreign flagged vessels are allowed to use Korean ports subject to the same conditions as Korean flagged vessels. Cabotage is reserved for Korean vessels. In 2003, foreign carriers were allowed to carry their own cargo or empty containers between Busan and Gwangyang ports. Foreigners can participate in coastal transportation of goods and passengers between North and South Korea as a minority (less than 50%) joint venture with a South Korean shipping company. Registration procedures for ocean-going transport have been relaxed, and are applied equally to domestic and foreign shipping companies. Carriers must be incorporated, have equity above W500million and cargo capacity of at least 5,000 tonnes. Korea currently has 51 designated ports, of which 28 are "trade" ports. Cargo capacity expanded from 418 million tonnes in 1999 to 487 million tonnes in 2002. Busan port dominates, handling almost one quarter of Korea's total cargo and about 80% of all containers. The next busiest ports are Gwangyang and Incheon, with Gwangyang due to become relatively more significant. Korea is rapidly expanding cargo and port facilities, including container terminals, with six large port developments worth W 3 trillion under construction, and three more planned at a cost of W922.6billion. The main policy is to develop Busan and Gwangyang ports into major container-hub ports. By 2011, Busan is expected to increase from 21 to 30 berths, and Gwangyang from 8 to 33. Current ports contain substantial private, including foreign, investment (TableIV.8). Hutchison Port Holdings (HPH) from Hong Kong, for example, owns Hutchison Korea Terminal (100%) at Busan, and is heavily involved (80% equity) with Hanjin Shipping and Hyundia Merchant Marine in Korea International Terminal at Gwangyang. The Government is increasingly turning to the private sector to develop port infrastructure and provide services under various concession agreements, such as build-operate-transfer (BOT) or build-transfer-operate (BTO) contracts, which normally run for 40 to 55 years after port construction (the Port Private Investment Project) (TableAIV.2). Under these arrangements, the concessionaire receives returns on investment as dividends after the borrowed capital is repaid, which is within the first 10 to 15 years of operation. The Government provides construction aid if the total investment costs exceed projected net income from charging market-based port-usage fees. It can also grant concessionaires minimum revenue guarantees for up to 15 years, provide protection against currency exchange rate risks, and offer tax incentives, such as reduced company tax. The first stage of Busan New Port to build a container terminal by 2006 was launched with two thirds private investment (24.5% foreign equity by CSX World Terminals). Additional private investment to develop two further container terminals is planned at Busan, and HPH is involved in the expansion of Gwangyang port. Singapore's PSA Corporation has invested (60% equity) in the expansion of Incheon South Port. Annual port development investment is projected to average W 3.3 trillion between 2002 and 2011, of which about half is expected to be private. Table IV.8 Foreign investment in major ports CorporationLocationSizeForeign investor (%)Major domestic investorStageIncheon Container TerminalIncheon South Port900 mPSA (60)Samsung Corporation, SungwangUnder constructionKorea International TerminalGwangyang Port1,950 mHPH (80)Hyundai merchant marine, Hanjin ShippingOperatingDongbu Pusan Container TerminalBusan Port826 mEvergreen (30)Dongbu Construction, ShinyoungOperatingHutchison Korea TerminalBusan Port2,147 mHPH (100)-OperatingPusan Newport CompanyBusan New port3,200 mCSX WT (24.5)Samsung Corporation and 19other companiesUnder constructionSource: Ministry of Marine Affairs and Fisheries. The Ministry of Maritime Affairs and Fisheries administers ports. They are state owned and rented free of charge to the Korea Container Terminal Authority, which in turn rents port facilities to private terminal operators. The Port Authority Act of 2002 transferred the operation of Busan Port and Incheon Port to an independent public port authority, aimed at improving efficiency. The Busan Port Authority was established in January 2004, and the Incheon Port Authority is being formed. The Government does not intervene directly in providing shipping services, but provides various financing and tax schemes to assist shipping companies. It plans to introduce a tonnage tax system, and a ship investment company system designed to provide tax incentives to private investors in ships for lease to shipping companies. Most maritime auxiliary services including tug services, freight forwarding and maintenance and repair services are provided by the private sector; pilots must be Korean. Air transport The Ministry of Construction and Transportation (Air Transport Policy Bureau and Civil Aviation Bureau) is responsible for air transport policy and licensing arrangements. Korean air traffic has grown substantially. In 2002, air passengers and cargo carried to and from Korea rose by 11.6% and 11.4%, respectively. There are eight international and eight domestic airports. Incheon International Airport opened in March 2001, and is expected to develop into a mega regional hub. Phase 2 of construction is to be completed in 2008. With the exception of Incheon Airport, airports are managed and operated by the Korea Airports Corporation. Korea has two privately owned national flag carriers, Korean Air and Asiana Airlines. Both carriers operate international and domestic services. Cabotage is prohibited (Aviation Act, Article 149). International air services are governed by bilateral air service agreements (ASAs). These are negotiated primarily by the Ministry of Construction and Transportation. Korea has 82 ASAs (May2004), and plans to negotiate additional agreements. It also intends to progressively liberalize bilateral arrangements. Foreign ownership of Korean airline operators providing scheduled or non-scheduled services is limited to less than 50%. Operators must also register aircraft in Korea. The Government intends to replace the current approval-based airfare system with a filing-based system. Korea has an "open skies" agreement with the United States. It also has a number of liberal arrangements concerning cargo operations with various aviation partners. The Civil Aviation Safety Authority was formed in August 2002 within the Ministry to strengthen aviation safety and security. Land transport The Ministry of Construction and Transportation is responsible for land transport policy. Roads handle over 90% of Korea's domestic transport requirements. Road Korea has almost 100,000 kilometres of road, with 24 expressways and 56 national highways. Seven new expressways are to be built by 2020. The state-owned Korea Highway Corporation is responsible for national road construction and maintenance, and also manages toll expressways. It is supervised by the Ministrys Road Bureau, which is the responsible for formulating road policies and plans. Private investment in roads is being encouraged under BOT or BTO contracts, and several are currently under negotiation (Private Fund Promotion Law and the Private Capital Inducement System). Market access to the passenger road transportation sector is regulated. The main barriers to entry apply to major "route" buses and taxis where new entrants are subject to an economic needs test. Local governments set bus and taxi fares based mainly on costs. Bus companies receive partial subsidies for losses in the form of matching central-local government funds, and along with taxi operators, are partially exempt from fuel taxes. The State is not involved in the trucking (cargo) sector. The Trucking Transport Business Act was amended in January 2004 to tighten entry barriers by moving from a registration to a permit system. The Ministry grants permits to new entrants or for incumbents to expand operations using an economic needs test, aimed at matching demand and supply. Cargo charges have been deregulated since 1998, except for rescue/salvage and special towing services. These charges must be reported (filed) to the Ministry. Trucking operators are also partially exempt from fuel taxes. No foreign investment restrictions apply to the trucking sector. Railway Korea has national railways and subways in major urban centres, such as Seoul. There are 65railroad routes, covering over 3,000 kilometres. About one-third is multi-tracked and about one-quarter electrified. Rail accounts for 6.8% of domestic passengers and 6.3% of freight (13.1% and 8.5% in 1999, respectively). Korea is expanding investment in rail aimed at raising track coverage to almost 5,000 kilometres and having over 80% multi-tracked and electrified. The Government's goal is to raise the market share of railways to 19% for passengers and 20% for freight by 2119. Korea's first high-speed train service, linking Seoul and Busan, and Seoul and Mokpo, began operating in April 2004. The Korea High Speed Rail Construction Authority constructed the state-owned system, which, according to officials, is commercially run by the state-owned railway, Korea National Railroad (Korail); phase two is to be finished by 2010. Legislation was passed in 2003 to restructure the highly-indebted and inefficient state-owned monopoly (Korail) (Korea Rail Corporation Act of December 2003). Korail also continues to run the conventional railway network monopoly. Train fares, including freight rates, are set with the Ministry's approval, based on the inflation rate and cost structures of Korail. It is planned to grant Korail greater autonomy in setting fares based on a price cap system. The state-owned monopoly has recorded large operating losses, which amounted to W 647.8 billion in 2000. Without major reforms, debt levels were projected to rise to W28trillion by 2020 (W 8.4 trillion in 2001). Plans announced at the time of the last Review to deregulate and privatize the state railway monopoly slipped substantially due to difficulties in passing the necessary legislation. However, the Government remains committed to railway restructuring broadly in line with the 2001 Basic Plan for Korea Railway Industry Restructuring; under which the restructuring of Korail was a significant first step. Legislation to deregulate the state monopoly for eventual privatization was passed in June 2003 (Railway Industry Restructuring Act). Korail's construction and operation activities have been separated. The Korea Railway Network Authority, established in January 2004, combined Korail's construction activities with those of the Korea High Speed Rail Construction Authority (Korea Rail Network Authority Act of June 2003). Train operations, including of the high-speed network, are to be transferred to the Korea Rail Corporation in January 2005. The Rail Policy Bureau was established within the Ministry in March 2004 to facilitate the sectors restructuring. In the longer term, the plan is for passenger and freight services to be separated and supplied by independent corporations. Although the initial target for this was 2006, it has been deferred and is being reviewed following the delay in establishing the Korea Rail Corporation. REFERENCES APEC (2002), Voluntary Review of Korea's Government Procurement System, Government Procurement Experts' Group, Dalian. APEC (2003), IAP Study Report Korea 2002, August, Phuket. Choi N., Park S. and Lee, C. (2003), Analysis of the Trade Negotiation Options in the East Asian Context, December, Korea Institute for International Economic Policy, Seoul. EU Chamber of Commerce in Korea (2004), Trade Issues and Recommendations, Seoul [Online]. Available at: http://www.eucck.org/trade/2004/question/el/welcometo.htm. Financial Supervisory Service (2002), Financial Supervisory System in Korea, 2002 [Online]. Available at: http://english.fss.or.kr/en/news/publication_l.jsp?gubun=06. IDE (2000), Toward Closer Japan-Korea Economic Relations in the 21st Century [Online]. Available at: http://www.ide.go.jp/English/Inter/Sympo/pdf/kankoku_soron.pdf. IMF (2004), Republic of Korea Staff Report for the 2003 Article IV Consultation [Online]. Available at: http://www.imf.org/external/pubs/ft/scr/2004/cr0444.pdf. Industrial Bank of Korea (2001), Annual Report 2001 [Online]. Available at: http://www.keic.or.kr/ homepage/eng/AnnualReport.pdf International Intellectual Property Alliance (2004), 2004 Special 301 Report, South Korea [Online]. Available at: http://www.iipa.com/. Invest Korea (2003), Government to Seek Joint Operations of Free Trade and Tariff-Free Zones, News Release, 19 November. KFTC (2004), Direction of Competition Policy in 2004 [Online]. Available at: http://www.ftc.go.kr/ eng. KIEP (2000), Economic Effects of and Policy Directions for a Korea-Japan FTA, May, Seoul. KOIS [online]. Available at: http://www.korea.net/kwnews. KOIS, 23 April 2001, Government to Make Long-term Investment in Cattle Farms, MAF. KOIS, 9 August 2001, Korea to Develop 500 Competitive Products by 2005, MOCIE News Release. KOIS, 27 August 2001, Government Investment in Industry Pays Off Handsomely, MOCIE News Release. KOIS, 29 August 2001, Government to Invest W 700 billion by 2010 in Agro-fishery Sector, MAF. KOIS, 25 December 2001, Government gets Ready for Railroad Restructuring, Ministry of Planning and Budget. KOIS, 8 January 2002, Country of Origin to be Required for Fishery Products, Ministry of Maritime Affairs and Fisheries KOIS, 17 October 2002, Bulk Carriers to be Allowed to Operate on Domestic Lines, Ministry of Maritime Affairs and Fisheries KOIS, 12 November 2003, Government to Invest W 119 trillion in Farming Sector by 2013, MAF. KOIS, 14 January 2004, KFDA Seeks to Modernize Food Imports Inspection System. KOIS, 3 March 2004, Korea to restrict exports of scrap iron. MAF (undated), Major Operation Plans [Online]. Available at: http://www.maf.go.kr/english/asp/01 _intro/intro05_01.asp]. Ministry of Commerce, Industry and Energy (2002), Report on the Actual Management Conditions of Foreign Invested Companies for First Time [Online]. Available at: http:// www.mocie.go.kr/English. Ministry of Finance and Economy (2004), Economic Bulletin, January, Seoul. Ministry of Planning and Budget (2003), Current Privatisation Plan [Online]. Available at: http://www.mpb.go.kr. Ministry of Planning and Budget (2003), How Korea Reformed the Public Sector 1998-2002 [Online]. Available at: http://www.mpb.go.kr. MOCIE (2003), Korea's Competitive Edge; A Guide to Investment in Korea [Online]. Available at: www.mocie.go.kr/english/investing/ competitive/data/Korea's_Competitive_Edge.pdf. MOCIE (2004), FDI in 2004 [Online]. Available at: http://www.mocie.go.kr/eng/news/press. MOFE (2003), 2003 Korean Tax Treatment. OECD (2000), Regulatory Reform in Korea: Enhancing Market Openness Through Regulatory Reform, Paris. OECD (2001), Competition Policy, Subsidies and State Aid, Working Party No. 2 on Competition and Regulation, DAFFE/CLP/WP2/WD(2001)8, 7 February, Paris. OECD (2002), Roundtable on Competition Issues in the Electricity Sector, Republic of Korea, WP No. 2 on Competition and Regulation, document DAFFE/COMP/WP2/WD(2002)29, 17 October, Paris. OECD (2003a), 2003 Annual Review Korea, document ECO/EDR(2003)2, Paris. OECD (2003b), Agricultural Policies in OECD Countries; monitoring and evaluation, Paris. OECD (2004a), 2004 Economic Review Korea, document ECO/EDR(2004)8/REV1, 13 May 2004. OECD (2004b), OECD Agricultural Policies 2004: At a Glance, Working Party on Agricultural Policies and Markets, document AGR/CA/APM(2004)2/FINAL, 3 June, Paris. PPS (2002), 2002 Annual Report [Online]. Available at: http://www.pps.go.kr/english/html/main/. PPS (2004), Notice of Planned Domestic and Foreign Procurement, 2004 [Online]. Available at: http://www.pps.go.kr/english/html/main/. UN (2003), World Investment Report 2003, New York. USTR (2003), Foreign Trade Barriers Korea, Washington DC [online]. Available at: http://www.ustr.gov/reports/nte/2003/korea.pdf.  Self-sufficiency ratios on crops averaged 27% in 2003, down from 30.4%. They varied widely between commodities in 2003, ranging from 99% for rice and potatoes, 46% for barley, 7% for soybeans, 0.8% for corn, 0.1% for wheat, and 11.8% for other crops.  The Government's long-term plan is to raise the share of direct payments to 20% of the agricultural budget by 2013. The share is projected to increase in 2004 from 7% to 8.4%.  OECD (2003b), p. 173, and OECD, OECD (2004b).  Per capita annual rice consumption has declined almost continually, from 107 kg. in 1995 to 85.6 kg. in 2003.  Output-based assistance measures are also relatively ineffective in transferring income to poor farmers or in achieving environmental objectives.  OECD (2004b), p.66.  The Government plans to support a rise in environmentally friendly production to 5% of total output by 2005 (2.7% in 2001) through the introduction of several policy measures.  KOIS, 12 November 2003.  Participating rice farmers pay 0.5% of the base price for their contracted production.  KOIS, 23 April 2001.  MAF (undated).  The surcharge applies to all refined sales, including imports, at a specified rate not to exceed W36per litre (The Act on Petroleum Businesses).  The top five in market share are SK Corp (29.3%), LG Caltex Oil (24.1%), S-Oil (10.3%), Hyundai Oilbank (9.9%), and Incheon Oil Refinery (6%). LG Caltex is 50% foreign owned by Caltex, S-Oil 35% owned by Saudi Aramco, and Hyundai Oilbank 50% owned by International Petroleum Investment Corporation (IPIC).  Since Korea became a member of IEA in March 2002, it is required to hold reserves of at least 90days of net oil imports. At end-2003, Korea's emergency oil reserves equalled 106 days.  OECD (2004a), p. 131.  KOGAS is 38.82% privately owned. The Government owns 26.86% and the Korea Electric Power Corporation 24.46%. Fourteen provincial/city governments hold the remaining equity, with the largest share held by Seoul City (3.99%). The maximum permitted aggregate foreign ownership of KOGAS is 30%, and individual share ownership (foreign or domestic) is capped at 15%.  Legislation covered revisions to the KOGAS Law and the City Gas Business Law, and the enactment of the Energy Commission Law to establish the sector regulator.  OECD (2004a), p. 131.  These contracts require KEPCO to pay for a certain amount of gas whether taken or not, and for KOGAS to make available defined volumes of gas.  KEPCO's return on equity has also fallen, from 11.5% in 1980 to around 5% in 2001 and 2002 (OECD, 2004a, p. 128).  MOCIE estimates, for example, that household and commercial users pay substantially above cost, while industry pays 80% of the cost, and farmers pay 57% (OECD, 2004a, p. 130).  The sixth subsidiary, the Korea Hydro and Nuclear Power Corporation, is to remain a subsidiary of KEPCO for security reasons.  Foreign investors can participate. However, foreign equity in KEPCO's five subsidiary power generation companies is capped at 30% (40% for KEPCO). Foreign investment in power distribution and transmission must be less than 50%, and the largest shareholder must be Korean. Twocombined heat and power plants providing heating in Anyang and Buchon were privatized in 2000.  The Government is considering gradually privatizing Korea South East Corp through initial public offerings.  OECD (2002).  OECD (2004a), p. 129.  A 10% VAT is levied on imported bituminous coal while domestic anthracite coal is exempt.  These are bio-medical products, next-generation computer displays, next-generation semi-conductors, next-generation batteries, future automobiles, intelligent robots, digital TV and broadcasting, next-generation mobile communication, intelligent home networks, and digital contents and software solutions (OECD, 2004a, pp. 82-3).  A temporary reduction of 20% is being applied from March 2004 until the end of the year.  OECD (2004a), p. 10, p. 34.  ϲʹ document TN/S/W/11, 3 March 2003.  As at end 2003, some one third of these funds had been recovered. The long-term recovery rate is expected to be 56%.  The target set by the FSC was 5% by end 2001 and 3% by end 2002. During 2003, banks resolved or otherwise cleaned up SBLs totalling W31.7trillion; about one third of these were written off. At end 2003, only two domestic banks had SBL ratios exceeding 3%. The FSC expected all banks to keep ratios below this level for 2004, and planned supervisory action to encourage this (FSC/FSS Press Release, 9 March 2004, Bank Loans Classified as Substandard or Below Rise Modestly in 2003).  The share is 45% for domestic nationwide commercial banks, and 60% for regional banks.  Between 1998 and 2002, total household credit increased 2.4-fold, rising from 38% to 62% of GDP (OECD, 2004a, p. 92). The introduction of tax incentives to encourage credit card use as means of reducing tax evasion also, it seems, had the unintended side-effect of increasing consumption and debt levels.  OECD (2004a), p. 96.  From January 2004, credit unions were removed from the deposit insurance scheme and placed under the Deposit Protection Fund operated by the Credit Unions Cooperative.  OECD (2003a), p.81.  Foreign ownership of KT was 48.99% in December 2003.  OECD (2004a), p. 131.  OECD (2000), p. 5.  OECD (2000), p. 11.  OECD (2004a), p. 136.  Registration means that operators must register with the regional MIC office and meet certain criteria (e.g. minimum number of personnel and certain financial requirements, such as capital of at least W3billion for exchange-based ST providers). Notification means simply notifying the regional MIC office of the business activity.  OECD (2000a), p. 17; OECD (2003a), p.81; and OECD (2004a), p.10.  OECD (2003a), p. 81.  OECD (2003a), p. 81.  OECD (2000), p. 23.  OECD (2003a), p. 81, and OECD (2004a), p. 134.  The revenue guarantee declines progressively from 90% of projected revenue for the first five years of operation to 80% for the next five years and to 70% for the last five years. The exchange rate protection covers losses on borrowed foreign capital from currency fluctuations exceeding 20%. The guarantees are met by providing either financial assistance or adjusting port-usage charges.  KOIS, 25 December 2001. WT/TPR/S/137 Trade Policy Review Page  PAGE 112 Republic of Korea WT/TPR/S/137 Page  PAGE 111 Page IV. 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