Daeryun Law Firm successfully completed the seminar on ‘Response measures for the medical and beauty device industry’

Daeryun Law Firm announced on the 26th that it successfully held a seminar with the Korea Medical Device Industry Association to discuss response measures for import and export companies such as medical and beauty devices. This seminar was held online and offline, and a total of 119 companies, including the association's partners, attended.

The seminar began with greetings from Attorney Gye-jun Son, head of the Daeryun Corporate Legal Group, and Seo-hyung Lee, head of the Medical Pharmaceutical Group.

Attorney Lee said, "Today's seminar is a very timely opportunity to go beyond simple explanation of the system and consider the intersection of industrial strategy and regulatory trends. I hope this event will help each company set a strategic direction."

Next, Myeong Jae-ho, a customs expert, explained the changing customs investigation trends and obligations to comply with the Foreign Exchange Transactions Act by transaction type, and presented foreign exchange risks and response strategies in the medical and beauty device industry.

Commissioner Myeong is a customs broker and has accumulated expertise by working in customs trade consulting for a number of companies. In addition, he has distinguished himself in the field of customs by serving as an expert member of the International Customs and Trade Advisory Center (ICTC), an export review member of the Defense Acquisition Program Administration, and an FTA consultant and full-time lecturer for the Korea Customs Service and Korea International Trade Association.

Regarding the upcoming regular foreign exchange inspection, he explained, "The Korea Customs Service has been selectively inspecting only illegal foreign exchange transactions, but starting this year, it is establishing and implementing a regular foreign exchange inspection system for each industry," and added, "Fields such as medicine and beauty that have a lot of imports and exports will be the targets of intensive inspection."

He then introduced matters that companies should keep in mind during the import and export process, such as payment delays due to dual regulation of medical devices, foreign exchange controls and remittance regulations in countries subject to export and import, and prior approval based on sanctioned countries and sensitive technical information.

Kim Kook-il, CEO of Daeryun, said, "With the introduction of regular foreign exchange inspections by the Korea Customs Service, the proactive response capabilities of import and export companies have become more important than ever. We hope that the practical information shared at this seminar will serve as an opportunity for companies to respond more proactively to the uncertain trade environment."

Eunhye Lee (zhses3@joseilbo.com)

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Daeryun Law Firm successfully concludes seminar on 'Response measures for the medical and beauty device industry' (Go here)