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2020 Guidelines for Rewarding Persons of Merit

* Please note : All information down below along with the attachment is only for information purposes, please refer to the Korean copy when applying, including appendix forms.

Announcement by the Ministry of Trade, Industry and Energy, 2020 – No. 375

The Ministry of Trade, Industry and Energy makes an extension of the following announcement to provide guidelines on rewarding persons who have contributed to the solicitation of foreign investment.

June 3, 2020
Minister of Trade, Industry and Energy

2020 Guidelines for Awarding Persons Contributing to the Attraction of Foreign Investment

Basic Guidelines
  • Rewards are to be provided to the executives and employees of foreign invested companies, or institutions related to foreign investment activity, etc. that have contributed to the advancement of the Korean economy through foreign investment solicitation.

Type of reward and awardees
Category Type Awardee Period of award
Government award Individual ㅇ Orders
ㅇ Industrial Service Medal
ㅇ Service Merit Medal
ㅇ President’s Commendation
ㅇ Prime Minister’s Commendation
ㅇ CEO, executives/employees of invested company
ㅇ CEO, executives/employees of invested company
ㅇ Public officials of central ministries, local governments
ㅇ Invested company (related entity), public officials
ㅇ Invested company (related entity), public officials
ㅇ At least 15 yrs
ㅇ At least 10 yrs
ㅇ At least 10 yrs
ㅇ At least 5 yrs
ㅇ At least 5 yrs
Group ㅇ Presidential Commendation ㅇ Local governments, entity related to investment
MOTIE award ㅇ Minister of Trade, Industry and Energy’s Commendation ㅇ Same as awardees of government award ㅇ At least 3 yrs

Awardee Qualifications

Awardees per category

□ Foreign invested company: CEO and/or executives/employees

  • CEO or executive/employee of a company who has attracted at least USD 1 million of foreign investment and has contributed conspicuously to the solicitation and promotion of foreign investment.
  • A person who has at least a three year service period in foreign investment solicitation (or related areas).

□ Entities related to foreign investment solicitation: CEO and/or executives/employees

  • A person who is recognized for having made a significant contribution to foreign investment solicitation, and is recommended by heads of overseas diplomatic delegations, KOTRA IK (including KOTRA’s overseas offices), Korea Chamber of Commerce and Industry, foreign chambers of commerce in Korea, Korea Foreign Company Association, Korea Industrial Complex Corporation, Korea Federation of Banks (including foreign exchange banks), industrial groups, domestic law firms, investment banks, etc.

□ Public officials working in central or local governments: Individuals

  • A person who is recognized for conspicuously contributing to the solicitation of foreign investment, and is recommended by the head of the organization he/she works for.

□ Local government and/or institution related to foreign investment: Group

  • Local government and/or the institution concerned that is meritorious due to its good business performance related to support for foreign investment solicitation, designation of foreign investment zones, implementation of foreign investment solicitation projects, etc.

* Exclusion from those eligible for awards (Legal ground: Awards and Decorations Act, Guidelines on Government Conferment of Rewards, Guidelines on Conferment of Rewards by Ministers) can be found on the announcement.

Selection Procedure and Schedule

  • May-June 2020: Announcement of Guidelines for Rewarding Persons of Merit, receipt of application (KOTRA)
  • June-August 2020: Evaluation, including resolution by the Contribution Evaluation Committee, and recommendation by the Ministry of Interior and Safety
  • November 3, 2020 (tentative): Awarding ceremony (as part of 2020 Foreign Company Day events)
    ※Korea Foreign Company Association will notify about the result and event.

Investment performance period and scope of activity

Investment performance and contribution period: June 1, 2019 – May 31, 2020

Scope of recognition of investment and confirmation

  • The scope and type of recognized investments, recognized investment amount and point of recognition shall be based on arrival (or payment) basis investment.
  • This is confirmed through the Investment Notification Statistics Center into which the information is entered by KOTRA or head of the foreign exchange bank (head of the bank into which the deposit is made)

Award application (recommendation)

a. Period of distribution of forms and receipt of applications: June 3, 2020 – June 19, 2020
b. Method for submission: By mail or hand delivery
c. Receiving agency: Korea Trade-Investment Promotion Agency, Investment Strategy Team
7th Floor, 13, Heolleung-ro, Seocho-gu, Seoul, Korea (06792)

※ Note

  • The appendix forms may be downloaded from the designated webpages.
  • The documents for submission must be sealed/stamped in the required areas, and one original copy each must be officially submitted by mail or hand delivery.
    (No separate binding or perforation is necessary, and the printout may be submitted as is.)
  • Recommendation letters, application forms, achievement report and curriculum vitae are to be prepared in Hangul (hwp) or MS Word (doc, docx) format, and submitted by email (email: cyi@kotra.or.kr)
  • If the person of meritorious service is a foreigner, an English curriculum vitae (Appendix 8) and English Meritorious Service Attestation Report (Appendix 7) must be submitted in addition (When preparing the documents in Korean, such additional submissions are not necessary).
  • The achievements indicated in the application form (or recommendation letter) shall be recognized only when supported by documentary evidence.
  • The submitted documents are not returned. For more detailed information on the required documentation and preparation guidelines, refer to the announcement section of the Ministry of Trade, Industry and Energy, or Invest KOREA’s webpage.
  • Telephone number & Mobile Phone number should be filled out for rapid contact.
  • The Organization & Division / Position needs to be written accurately, and description of contributory achievement must be at least 2,000 letters (including blanks) in Meritorious Service Attestation Report (Appendix3).

Other inquiries
  • Ministry of Trade, Industry and Energy’s Investment Policy Department: TEL: 8244-203-4072, 4708, FAX: 8244-203-4712
  • KOTRA Investment Strategy Team: TEL: 822-3460-3226, 7832, FAX: 822-3460-7940
    e-mail: cyi@kotra.or.kr
  • Korea Foreign Company Association: TEL: 822-3462-0507, 822-3462-0514, FAX:822-3462-0220
    e-mail: boo2forca@forca.org

* Please check out the attached file for further details.

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