Invest KOREA (IK), Korea's national investment promotion agency, was established
within the Korea Trade-Investment Promotion Agency (KOTRA) with the sole
purpose of supporting the entry and successful establishment of foreign
business into Korea. With assistance extending to comprehensive post-establishment
services, IK enables foreign corporations to maximize the benefits of the
Korean investment environment to ensure their rapid settlement in Korea.
The agency is committed to providing unmatched, comprehensive one-stop service
that allows foreign investors to join many of the world's most successful
corporations who have selected Korea as an investment destination and been
rewarded by high returns on the investment.
Timeline
Background
Established in 1998 in the wake of the financial crisis, the Korea Investment
Service Center (KISC) was part of a radical liberalization of the Korean
investment regime. However, after initial success, slowing inbound capital
flows made it apparent that a new paradigm for investment attraction was
in order. It was decided this new paradigm would include employing a more
proactive approach to induce foreign investors, targeting potential investors
with closer reference to the strengths of Korea's industrial base, and developing
a one-stop service to accurately address foreign investors' needs and difficulties.
It was also deemed crucial for agency staffs to gain a profound knowledge
of the industries with which they were dealing.
Launch of Invest KOREA
In addressing the above points, the government finalized a comprehensive plan to attract foreign investment in September 2003 with the twin aims of increasing foreign investment and reforming the overall FDI support system. These changes were embodied in the transformation and expansion of KISC and its relaunch as Invest KOREA.
Investment Promotion Systems
Invest KOREA attracts foreign investment by identifying potential foreign
investors, supporting investment projects, providing aftercare services
for foreign investors, and building a cooperative network with related organizations.
IK's investment promotion and support capability was considerably strengthened
by the introduction of the Project Manager (PM) system, under which a PM
is designated for each investment project to offer customized support throughout
its entirety, from providing investment consultation and obtaining licenses
and approvals to actually launching a business. In addition to the project
managers, as of the end of 2005, Invest KOREA had a pool of 28 experts in
such fields as finance, tax, law, securities, accounting, and construction
to smooth the foreign investment process and ensure that investors claim the
full range of benefits available.
