7 European business leaders granted permanent residency

SEOUL, May 17 (Yonhap) -- Seven European business leaders were granted permanent residency permits for their contributions to the development of the South Korean economy, the Justice Ministry said Tuesday.
The seven also contributed to promoting trade between South Korea and European countries while working as executives of foreign-invested firms in the country for a period ranging from two to 13 years, the ministry said.
Selection was based on the recommendation of the European Union Chamber of Commerce in Korea, the ministry added.
The executives included Friedrich Stockinger, head of Trumpf Korea and chair of the Korea-German Chamber of Commerce and Industry, and Patrick Mange, deputy CEO of Shinhan BNP Paribas Asset Management.
Foreign permanent residents can stay in the country as long as they want and engage in economic activities without having to update their visas. They can also vote to elect local council members and for regional referendums.
"Granting permanent residency is part of the government efforts to create a business-friendly environment," Lee In-kyu, a senior ministry official, told reporters. "As the Korea-EU free trade agreement is going to take effect in July, we expect that these business leaders will play a role in strengthening South Korea's national competitiveness."
South Korea's trade with the EU reached US$78.8 billion in 2009, the second largest after China.
brk@yna.co.kr