Foreign investment has been hailed as a key force in propelling the ongoing integration of the world economy, providing growth in the world¡¯s emerging markets, stimulating competition and innovation in industrial country markets, and transferring technology and skills worldwide. Currently, there are hundreds of bilateral investment treaties (BITs) governing foreign investment. Provisions in these BITs vary substantially from country to country, and they fail to address a number of key issues that have arisen with the globalization of production.
In 1980¡¯s Korea, there was a new wave of overseas expansions which is conducted by a couple of major corporations. When many general trading companies and financial intermediaries in Korea attempted to enter the United States¡¯ market, Mr. Jang served as a legal advisor and carried out establishment of branch offices or local subsidiaries as proxy and also provided advice on business development for about 50 corporations.