MOTIE, KOTRA hold the first “Invest KOREA Forum” participated by 300 from industry, academia, politics
Government, related organizations, academia, and companies come together to seek foreign investment promotion strategies in accordance with changes in economic environment home and abroad.
The Ministry of Trade, Industry, and Energy (MOTIE) and KOTRA held the 1st “ Invest Korea Forum in 2019” under the title of “Strategy to attract USD 20 billion for five consecutive years” at G-Tower, Songdo, Incheon, the first Economic Free Zone (EFZ) in Korea on July 3-5.
Foreign investment in Korea reached USD 26.9billion last year, reaching an all-time high, surpassing the USD 20 billion mark for four consecutive years. However, it has shown signs of decline this year, due to challenging circumstances home and abroad. First of all, global FDI has declined as a whole, due to reshoring policies of major countries and the U.S. repatriation tax benefit.
Also, slowing global economic growth, sluggish semiconductor industry, along with trade disputes between the US and China continue to add up to uncertainties. As a result, the Korean economy has been slowing in exports and investment.
The Forum intends to support the achievement of more than USD 20 billion foreign investment for five consecutive years by sharing the information on foreign investment promotion environments around the world, improving strategies and expertise of investment promotion agencies and companies. For that purpose, it offers various programs such as △foreign investment promotion strategy forum △visit to IFEZ, △IK advisory group meeting △practical training on foreign investment promotion, and △courses to nurture talent by FEZ Authority.
President Kwon Pyung-oh said, “The innovation in industrial ecosystem stimulated by global trade order restructuring and the Fourth Industrial Revolution will create a new opportunity for investment promotion,” adding that “I hope this Forum serves as a chance to conceive breakthrough to expand foreign investment promotion.” MOTIE and KOTRA plan to hold “Invest KOREA Forum” on a regular basis.
Also, Korea’s flagship national IR event, the “15th Investor Korea Week (IKW)” is scheduled for later this year to continue efforts to attract foreign investment.
Source: Invest KOREA (July 4, 2019)